Richmond saw a slight drop in average rents for one- and two-bedroom apartments in March, compared to the month before.
However, despite this small dip, the city remains one of the most expensive rental markets in Canada.
An unfurnished one-bedroom apartment in Richmond cost an average of $2,418 in March, according to a recent report from liv.rent. This was a 5.61-per-cent decrease from February.
The average rent for an unfurnished two-bedroom apartment was $3,069, a one-per-cent decrease from last month. Meanwhile, three-bedroom apartments saw a seven-per-cent increase in rent to $4,050.
"This March, Metro Vancouver’s average rent prices have decreased ...the region’s rental rates have hit their lowest point since the start of the year," reads the report.
"The Bank of Canada announced... that it would once again maintain the target overnight rate, which could cause Metro Vancouver’s rental rates to continue to fluctuate throughout 2024."
Richmond continues to rank the fifth most expensive rental market in Canada, following North Vancouver, West Vancouver, Vancouver and Markham, Ont.
The average rent per square foot in Richmond was $2.87, lower than the average rent per square foot in Metro Vancouver, which was $3.12.
The report also noted that, among the neighbourhoods in Richmond, the Brighouse/City Centre area has the highest rent - an unfurnished one-bedroom costs $2,555.
And the Golden Village area has the lowest rent, with one-bedroom apartments asking for an average of $2,211 per month.
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