Attention, renters. It’s no secret that Vancouver remains the most expensive city in Canada to rent in. In fact, a new report by liv.rent reveals that Metro Vancouver’s average rent prices have increased for the first time in three months. So if you’re on the hunt for a new place, let’s rip off the bandaid together. Here’s how much it costs to rent in Metro Vancouver right now.
According to the January 2024 Rent Report, the average monthly rent for an unfurnished one-bedroom in Metro Vancouver is currently $2,367, which is up $110 from January of last year.
The good news is that compared to December, this month has seen a few notable shifts in average rent prices. For one, the average rent in Langley and Vancouver saw a month-to-month decrease of -8.66% and -1.19% respectively.
The most significant increase, on the other hand, was seen in West Vancouver and North Vancouver, where rent increased by 7.88% and 4.55% respectively.
As far as furnished units go, the average rent in North Vancouver decreased by -4.74%, -3.95% in Surrey, and -3.30% in Langley.
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In terms of rental availability, it looks like two bedrooms make up the highest amount of active listings in Metro Vancouver right now at 48%. Currently, 39.71% of the market consists of one-bedroom units (furnished and unfurnished) and 12.30% are three bedrooms.
Below is the average rent for an unfurnished one-bedroom unit by municipality:
So there you have it, apartment hunters. Best of luck in your search!
