Metro Vancouverites face Canada's priciest rental market, despite prices dropping slightly this month over last.
The price for a one-bedroom, unfurnished rental unit in the Lower Mainland dropped to $2,370 this September, down by $8 from $2,378 in August, according to the latest report from liv.rent.
However, the country's top five most expensive cities are still located in Metro Vancouver. West Vancouver tops the list, with newly listed, one-bedroom, unfurnished units costing an average of $2,765, up $17 from 2,748 in August.
North Vancouver has the second-priciest market, with newly listed one-bedroom, unfurnished units averaging $2,665. The city of Vancouver came third, averaging $2,530.
The cheapest Metro Vancouver neighbourhoods for rental housing in August 2024
Renters looking for less eye-watering monthly costs have more economical options in select neighbourhoods across the Lower Mainland.
Abbotsford remains the cheapest place to rent a newly listed one-bedroom unit, with prices averaging $1,683 in September, up slightly from $1,631 in August (see slide three).
Surrey has the second-cheapest rent in the region, with prices for new listings in its Newton area averaging $1,744 this month. Surrey's Guildford and Fleetwood neighbourhoods also averaged under $2,000, with rents averaging $1,887 and $1,924, respectively.
The Surrey City Centre area's prices were just above $2,000 this month, averaging $2,053.
Vancouver proper also had an option for rent averaging under $2,000. Prices for newly listed, one-bedroom, unfurnished units averaged $1,976 in Sunset-Victoria-Fraserview (see slide two).
The Renfrew-Collingwood neighbourhood in Vancouver was the second-cheapest option in the city, with prices averaging $2,141.
No other neighbourhoods in the Lower Mainland averaged under $2,000 this September for rental housing hitting the market. However, Langley's Willowbrook neighbourhood prices averaged only slightly higher, at $2,041; its Willoughby neighbourhood's prices averaged just above Willowbrook's, at $2,066.
