Metro Vancouver rent prices have decreased for the first time in over six months.
While average costs for new listings across the region have only seen a modest decline, prices have been steadily increasing over the past several months, rising by hundreds of dollars.
This October, the average cost of a newly-listed one-bedroom, unfurnished unit in Metro Vancouver is $2,406, down $32 from September's average of $2,438, according to liv.rent's latest report.
Year over year, however, the region’s average monthly rent price has increased by $150 since October 2022.
And despite declining costs, renters are still spending 51.75 per cent of their monthly income on rent -- well above the recommended maximum amount.
The report's authors say the lower rent rates are in part thanks to The Bank of Canada's decision to maintain the target overnight rate since it observed "that excess demand is gradually falling as inflation begins to stabilize."
The back-to-school rush for rental housing is also over, which could have had an impact on lower average prices.
Metro Vancouver apartments for rent: Average rent by listing type
For the first time in several months, Canada's top five priciest rental markets aren't all located in Metro Vancouver. While the top four of them are located in the region, an Ontario city has climbed to the fifth spot.
Vancouver retains the top spot as the country’s most expensive place in which to rent, with its unfurnished, one-bedroom units averaging $2,831. North Vancouver follows in second, with its units averaging $2,680. West Vancouver rounded out the top three, with its spots averaging $2,582.
Richmond is the fifth priciest place to rent an apartment, with units averaging $2,544. Markham, Ontario landed in fifth, with its units averaging $2,453.
On the other end of the cost spectrum, Langley offers the best bang for your buck for those in search of new rentals, with units hitting the market this month at an average of $1,995 a month.
Liv.rent points out that furnished rental units can cost a great deal more for renters. For example, furnished, one-bedroom units in North Vancouver cost an average of $796 more to rent per month than unfurnished, one-bedroom ones.
Vancouver rent by neighbourhood in October
Downtown Vancouver is the priciest place in which to rent an apartment this October, averaging $3,082 for an unfurnished, one-bedroom unit.
Mount Pleasant is the second-most-expensive area for renters, with newly-listed units averaging $2,805. In third, Fairview's units averaged $2,773 per month.
The same type of unit rents for an average of $2,274 in Vancouver’s most affordable neighbourhood for rentals, Marpole.
