Metro Vancouver rent prices have fallen for the first time year-over-year since 2021.
The average rent price in July for a newly listed, unfurnished, one-bedroom unit dropped by $16, to a new average of $2,361, according to the latest report from liv.rent.
In June, renters paid an average of $2,377 for the same type of unit, while in May they paid $2,367 ($10 less than June's average).
The $16 drop represents the first time year-over-year rental prices for unfurnished units have dropped since March 2021. Compared to July 2023, these units have decreased by $20, from $2,381 to $2,361.
Metro Vancouver apartments for rent: Average rent by listing type
West Vancouver remains Canada's priciest city, with prices for newly listed, unfurnished one-bedroom units averaging $2,669. While it is the most expensive city, average prices have decreased month-over-month, dropping $25 since June.
North Vancouver has the second most expensive rent for one-bedroom unfurnished units, averaging $2,641, down $41 from June.
Vancouver remains the third-priciest place to rent in Metro Vancouver and the county, with prices averaging $2,607. However, it had the region’s highest rent prices in terms of cost per square foot.
Vancouver ($3.97/sq. ft.) leads the region with cost per square foot, with Burnaby ($3.62/sq. ft.) and North Vancouver ($3.49/sq. ft.) trailing behind.
Burnaby was the fourth-priciest place to rent, with new listings for units averaging $2,477 a month, while Richmond rounded out the top five, with units averaging $2,459.
For the second consecutive month, Surrey had the lowest average rent prices for unfurnished one-, two-, and three-bedroom units.
Vancouver rent by neighbourhood in July
West Point Grey/UBC is Vancouver's most expensive neighbourhood, with newly-listed, one-bedroom unfurnished units renting for an average of $3,018 a month.
Downtown Vancouver was the second-priciest place to rent, with units averaging $2,902. Shaughnessy was the third most expensive, with its units averaging $2,799.
Hastings-Sunrise remains Vancouver's cheapest neighbourhood with units averaging under the $2,000 mark. Prospective tenants can browse newly listed rentals averaging $1,996 in July - a $1,022 difference in price for the same type of unit in West Point Grey/UBC.
