Metro Vancouver has seen months of decreases in the overall cost of rent, and a new report shows more promising signs for the market, especially for the cheapest spots around the region.
liv.rent has released a new rent report showing how much rent has decreased compared to last year this October and how much the disparity in rent is depending on the neighbourhood you choose to live in.
It might seem obvious, but you could save hundreds of dollars without moving outside Metro Vancouver to spots like Surrey or Coquitlam. However, Surrey might be your best option if you want to save a few hundred more.
Compared to this time last year, rent is $25 per month cheaper across the region.
“Average rental prices for a one-bedroom unfurnished unit in Metro Vancouver are $2,381 this October – a $25 decrease in prices compared to October 2023 at $2,406. Lowering interest rates combined with measures from the Canadian government to increase housing affordability are possible contributing factors to this price decrease,” the liv.rent report states.
Regarding the rental cost disparity within Vancouver, there’s over an $800 gap, depending on what neighbourhood you’re looking at.
liv.rent says there’s an $823 gap between Vancouver’s most expensive and least expensive neighbourhoods. West Point Grey/UBC is the most expensive, with an average one-bedroom unfurnished unit costing $2,995 per month. Compare that to Sunset-Victoria Fraserview, where the average is $2,172.
liv.rent
While nowhere is truly cheap, these are the most affordable rental spots in Metro Vancouver, relatively speaking.
Renfrew-Collingwood and Hastings-Sunrise are also on the lower end of the spectrum regarding average rent based on the neighbourhood.
Surrey is the cheapest city this October, where the average rent for a one-bedroom unfurnished unit is $1,964 per month. The most expensive is West Vancouver, where the average rent for the same unit type is $2,907. Langley follows as the second-cheapest spot, with a monthly rate of $2,035.
liv.rent
liv.rent also notes that there isn’t a huge disparity in rental costs between unfurnished and furnished units for October.
“This is vastly different from October 2023, where a furnished one-bedroom unit rented at $2,626 – $220/month is more expensive than an unfurnished one-bedroom priced at $2,406,” liv.rent adds.
Have you had to change neighbourhoods or cities to pursue more affordable rent? Let us know in the comments.