Metro Vancouver rent prices remain the highest in Canada but some neighbourhoods offer a reprieve from sky-high costs.
The price for a newly listed one-bedroom, unfurnished rental unit increased by $11 to $2,381 from $2,370 in September, according to the latest report from liv.rent.
Prices have dropped year over year, with average costs for the region dropping $25 from $2,406 in October 2023. However, some cities and neighbourhoods have seen significant price surges.
Rent prices in the region's most expensive city, West Vancouver, climbed $142 to $2,907, while the city of Vancouver's priciest neighbourhood, West Point Grey/UBC, saw rents soar to $2,995.
The cheapest Metro Vancouver neighbourhoods for rental housing in August 2024
Locals looking to spend several hundred dollars less than the average cost in Metro Vancouver can find lower prices in the Fraser Valley. Abbotsford remains the cheapest city in the general region, with rent for a newly listed, one-bedroom unfurnished unit averaging $1,680 in October (see slide two).
However, people planning to stay inside the region aren't out of luck this month. Surrey has several neighbourhoods boasting average rental prices under the $2,000 mark.
In Surrey's Guildford area, units averaged $1,856, while the Newton neighbourhood averaged $1,881. Fleetwood prices averaged $1,983.
Surrey also had neighbourhoods with prices sitting just above $2,000. Surrey City Centre averaged $2,028 and South Surrey averaged $2,178. White rock's units averaged $2,072.
Shockingly, the cheapest newly listed one-bedroom units to rent this month are furnished. South Surrey's furnished units averaged $1,508 while its unfurnished ones averaged $2,178. While unfurnished units are almost always cheaper, renters should check prices for both.
Langley's Willowbrook neighbourhood averaged $1,984, while its Willoughby area averaged slightly higher at $2,090.
Vancouver rent prices climb over $2,000 in cheaper neighbourhoods
Vancouver proper no longer has an option for rent averaging under $2,000. Prices for newly listed, one-bedroom, unfurnished units averaged $2,172 in Sunset-Victoria-Fraserview (see slide three).
The Renfrew-Collingwood neighbourhood in Vancouver was the second-cheapest option in the city, with prices averaging $2,175.
Richmond's cheapest neighbourhood is Steveston, with prices averaging $2,236, while Burnaby's central area had its cheapest rents, averaging $2,372.
Folks looking to rent in Coquitlam's Burquitlam area face rents averaging $2,375 this month.
