Metro Vancouver rent prices have seen a second decrease in a row following several months of increases -- but costs aren't exactly affordable.
The average price for a newly-listed one-bedroom, unfurnished rental unit this November has dropped by $44 to $2,362 (down from $2,406 in October), according to the latest report from liv.rent.
This month's prices haven't increased significantly over last year, either. In November 2022, locals paid an average of $45 less for the same unit. In contrast, last month saw a significant year-over-year price jump, with prices climbing $150 from October 2022 to October 2023.
But overall prices for the Lower Mainland continue to rank among the highest in Canada.
West Vancouver has the most expensive average monthly rental prices, followed by the City of Vancouver in second, and North Vancouver in third.
White Rock had the fourth-highest rates, while Markham, Ontario, rounded out the top five pricey cities.
Metro Vancouver apartments for rent: Average rent by listing type
West Vancouver was the only city in the region that saw an increase in average prices for a newly-listed one-bedroom, unfurnished unit in November, up $158 from $2,582 in October to $2,740.
The City of Vancouver was the second-priciest place to rent an apartment, with one-bedroom, unfurnished units averaging $2,670 per month in rent. North Vancouver rounded out the top three most expensive markets, with its units averaging $2,740.
Burnaby and Richmond followed in fourth and fifth, with their units averaging $2,444 and $2,4000, respectively.
Langley is by far the most affordable place to rent a one-bedroom, unfurnished unit, with its prices averaging $1,889.
While average rent prices for furnished, one-bedroom units fell, but there were a few exceptions.
Liv.rent highlights that "Vancouver (-4.50%), North Vancouver (-4.48%), and West Vancouver (-4.12%) all saw large drops in their rates this month, while on the other hand, Langley (+13.78%) saw a huge month-to-month increase."
Vancouver rent by neighbourhood in November
For another consecutive month, Downtown Vancouver is the most expensive neighbourhood to rent an unfurnished apartment in the city, with prices averaging $2,986 monthly on units coming up for rent.
West Grey/UBC is the second-priciest area to rent, with units averaging $2,970. Mount Pleasant had the third-highest prices overall, with units averaging $2,763.
On the other end of the spectrum, units in the Renfrew-Collingwood neighbourhood averaged $2,310.
