It is probably no surprise that Richmond has a very expensive rental market, but do you know it’s one of the most expensive cities for renters in Canada?
Richmond was the fifth most expensive city to rent in Canada with an average rent of $2,466 for one-bedroom units, according to Liv.rent’s newly released 2024 January Metro Vancouver Rent Report.
West Vancouver topped the list with an average rent of $2,819 for one-bedroom homes, followed by North Vancouver ($2,715), Vancouver ($2,627) and Markham, Ont. ($2,494).
The average rental price for one-bedroom properties in Richmond saw a $10 increase from December, but prices for two-bedroom and three-bedroom homes saw a slight drop, averaging at $3,071 and $3,809.
“To begin the new year, Metro Vancouver’s average rent prices have increased after a winter that has so far seen rates fall,” noted the report.
The average monthly rent price for an unfurnished one-bedroom unit in Metro Vancouver in January was $2,367, a $26 increase from December.
“The Bank of Canada announced on Dec. 6 that it would once again maintain the target overnight rate, which may see rates fluctuate or remain at their current levels through the beginning of 2024.”
The five cheapest neighbourhoods to rent in Metro Vancouver are Victoria Fraserview in south Vancouver, Fleetwood in Surrey, Willoughby and Willowbrook in Langley and Abbotsford.
