According to liv.rent’s latest rental report, an unlikely BC city located in Metro Vancouver has emerged as the cheapest place to rent per sq ft.
Liv.rent’s report covers rental insights from around Metro Vancouver for December, including average rates for furnished and unfurnished units in the region.
Some of the insights are great for Metro Vancouver renters who’ve been asking for cheaper rental rates. Much of the information is similar to the good news in the Rentals.ca report we covered yesterday.
In December, rent for Metro Vancouver as a region reached its lowest level since April 2023. For a one-bedroom unfurnished unit, the average monthly rent in Metro Vancouver was $2,297. The only city to see an increase this month was Coquitlam, where the price for unfurnished one-bedroom units went up.
Liv.rent says that in December, Langley, BC, which isn’t usually a city specifically highlighted in these reports, was the most affordable city for rent per sq ft in Metro Vancouver at $2.27 per sq ft.
Rent prices increased the most month over month in Coquitlam (+7.59%) and Burnaby (+4.31%).
This month, the average rent for a one-bedroom unit in Vancouver is $2,490 a month on liv.rent’s platform. The most expensive city is West Vancouver, where it’s $2,715 for a one-bedroom unfurnished unit. North Vancouver follows behind at $2,531 per month.
“The last time prices were at this level was 20 months ago in April 2023 when prices were $2,263/month for a one-bedroom unfurnished unit,” says liv.rent.
Liv.rent
Liv.rent also breaks down rent rates by neighbourhood, and the most expensive one in December is downtown, where the average rent for a one-bedroom unit is $2,711. It’s even more expensive than the luxurious Shaughnessy neighbourhood.
Liv.rent
We can only hope that this downward trend for rental rates continues.
To read liv.rent’s full report, click here.