December's reprieve from increasing rental costs in Canada's priciest market hasn't carried into the new year.
Metro Vancouver rental prices for an unfurnished one-bedroom unit have increased in January 2023, rising $30 from $2,227 to $2,257, according to Liv.rent's latest rent report.
In December, prices for unfurnished one-bedroom units decreased in price for the first time since July, falling $90 from November's average price ($2,317).
But a look back over 2022 provides a less sunny outlook on what may be in store for tenants this year.
While a couple of months saw average prices decrease, the vast majority saw at least marginal, if not significant, increases. And at the start of 2022, the average cost for an unfurnished one-bedroom in the Lower Mainland was $1,827, which is a whopping $400 lower than the average price for the final month of the year.
Metro Vancouver apartments for rent: Average rent by listing type
The five most expensive cities in Canada in which to rent are located in B.C. this January, with West Vancouver taking the top spot this month with its one-bedroom, unfurnished units averaging $2,844. North Vancouver isn't far behind in second, with its units averaging $2,576 rent this month.
The third-most expensive market in the country this month is the city of Vancouver, with one-bedroom, unfurnished units averaging $2,488 per month in rent. In the fourth spot, Burnaby's apartments averaged $2,394 in January.
Richmond rounded out the top five priciest markets in Canada, with units averaging $2,195 to ring in the new year.
It isn't all bad news for local renters, however.
"The Bank of Canada’s interest rate increases are expected to slow heading into the new year, which may see Canada’s sky-high rent prices fall back down to earth throughout the coming year," explains Liv.rent.
Locals looking for cheaper rent this month will want to browse options in Langley or Surrey, where units averaged $1,833 and $1832, respectively.
West Vancouver is also the most expensive city in the Lower Mainland in which to rent furnished, one-bedroom units, with prices averaging $3,847 in January. North Vancouver follows in second, with units averaging $3,424.
The third-most expensive market in which to rent a furnished, one-bedroom unit is Vancouver, with prices averaging $2,855.
Vancouver rent by neighbourhood in January
Downtown Vancouver remains the most expensive neighbourhood to rent in heading into the new year, with its unfurnished one-bedroom units averaging $2,720.
The same type of unit was rented for an average of $1,952 in Vancouver’s cheapest neighbourhood, Sunset-Victoria Fraserview.
