Metro Vancouverites face the steepest rental prices in Canada but the average cost dropped this month over last...and some neighbourhoods offer significant savings.
The price for a newly listed unfurnished, one-bedroom unit in the Lower Mainland dropped in July for the first time year-over-year since March 2021, according to the latest report from liv.rent.
Renter-hopefuls can expect to pay an average of $2,361, down $20 from July 2023, when prices averaged $2,381.
West Vancouver remains Canada's priciest city, with prices for newly listed, unfurnished one-bedroom units averaging $2,669.
North Vancouver has the second most expensive rent for one-bedroom unfurnished units, averaging $2,641, while Vancouver rounds out the top three priciest places, with units averaging 2,607.
The cheapest Metro Vancouver neighbourhoods for rental housing in July 2024
For the second consecutive month, Surrey had the lowest average rent prices for unfurnished one-, two-, and three-bedroom units in Metro Vancouver.
Locals looking for cheap rent averaging under the $2,000 mark can browse opinions in a few of the city's neighbourhoods. The South Surrey area's newly listed, unfurnished one-bedroom units averaged $1,873, while Guildford's units averaged only slightly more at $1,893 (see slide three).
Surrey's Newton neighbourhood slid just under $2,000, with units averaging $1,996 per month for rent.
Renter-hopefuls who don't mind living in the Fraser Valley will find the cheapest options in Abbotsford, where newly listed, unfurnished one-bedroom units average $1,624.
Folks looking to stay in the city of Vancouver have an option under $2,000. The same units in the Hastings-Sunrise neighbourhood averaged $1,996 in July. The Killarney area only costs slightly more, with units averaging $2,037 (see slide two).
Vancouver's Sunset-Victoria Fraserview neighbourhood was the third-cheapest option in the city, with its newly listed units averaging $2,175.
Other options sitting just over $2,000 include Surrey City Centre at $2,053, Fleetwood at $2,080, and White Rock at $2,083. Langley's Willoughby neighbourhood also costs just above these options at $2,085.
