Rent is continuing to increase across Metro Vancouver.
The average rent for an unfurnished one-bedroom apartment in the region passed the $2,400 barrier this month, according to a report from Liv.rent, as average rents increased for the fifth straight month by another $25. The real estate rental agency estimates that rents are now $230 more than they were in August of 2022.
They also note the increases will likely continue.
"Especially given the impending return of student renters in time for the fall semester, this summer could very well continue to set new benchmarks for average rental rates in B.C.," they write in a report.
Once again, Canada's top five most expensive markets to rent in this month are all located in Metro Vancouver.
Breaking down Metro Vancouver rents
Vancouver and the municipalities adjacent to it continue to lead the country for the most expensive cities in which to rent an unfurnished, one-bedroom apartment.
At $2,849 per month, the city of Vancouver leads the way by a margin, as the average rent for a basic home inches closer to the $3,000 mark.
Behind it are West Vancouver and North Vancouver at $2,764 and $2,718, respectively. Richmond is a bit further back at $2,646. Burnaby rounds out the top five, but there is a gap, with average rent hitting $2,399 on the east side of Boundary Road.
However, Burnaby leads the way in another category, as price per square foot there has hit $4.26, higher than even Vancouver ($3.79). The average for all of Metro Vancouver is $3.14.
The cheapest municipalities in the Metro Vancouver region are Surrey and Langley, with unfurnished one-bedroom apartments still averaging under $2,000. Surrey is just under that, though, sitting at $1,994, while Langley is around $1,970 on average per month.
Furnished rates vary a bit, with North Vancouver actually the most expensive municipality for furnished, one-bedroom homes. West Vancouver sees rents jump drastically for furnished multi-room units, hitting $5,183 for two-bedroom homes and leaping up to $7,900 for three-bedrooms.
With files from Elana Shepert
