Rental prices decreased slightly overall in Metro Â鶹´«Ã½Ó³»this April. However, Canada's top five most expensive markets are located in the region.
West Vancouver, North Vancouver, Vancouver, Coquitlam, and Richmond are the most expensive cities to rent a newly-listed, unfurnished one-bedroom unit in Canada this month.
West Vancouver's unfurnished, one-bedroom units, despite average prices for newly listed, one-bedroom units dropping by over $200 in April. In this sky-high market, it now costs an average of $2,595 to rent a one-bedroom unit.
Prices overall saw a downward turn in the Lower Mainland. The average cost to rent an unfurnished, one-bedroom unit decreased by $28 from $2,306 to , according to the latest report from liv.rent.
Thankfully, several neighbourhoods across the Lower Mainland have rents below the regional average. Several of them cost well under the $2,000 mark, including areas of Surrey, Langley, and Abbotsford. In fact, even one part of Â鶹´«Ã½Ó³»Proper averaged under $2,000 this month.
Do some Metro Â鶹´«Ã½Ó³»areas have more affordable rental prices?
Renters looking for the cheapest options will have the best luck in the Fraser Valley, with Abbotsford's prices for newly-listed, one-bedroom rental units averaging $1,576 in April, down from $1,669 in March.
Tenant hopefuls looking to stay in the Metro Â鶹´«Ã½Ó³»region will find the lowest prices in Surrey. Newton offers the best bang for your buck, with rental prices averaging $1,778. The Guildford area is the next cheapest option, with rents averaging $1,819. Fleetwood and Surrey City Centre are the third and fourth least expensive neighbourhoods, with rents averaging $1,838 and $1,903.
South Surrey is another relatively affordable option, with rents averaging just over the $2,000 mark at $2,020. White Rock's rents averaged only slightly more at $2,038.
Langley offers competitive rents to Surrey's, with Willowbrook's prices averaging $1,921 and Willoughby's averaging $1,986.
Burnaby's Slope Neighbourhood's rent averaged $1,974 and the SFU/Burnaby Heights averaged $2,104. Rents in Central Burnaby averaged $2,278 (right on the regional average).
Richmond's rents soared above the regional average, except in Steveston, with prices averaging $2,074.
Â鶹´«Ã½Ó³»only had one neighbourhood with rents below the $2,000 mark. Vancouver's Sunset-Victoria-Fraserview neighbourhoods' rents averaged $1,975.
Several other neighbourhoods in Â鶹´«Ã½Ó³»also averaged just above $2,000. For instance, the Hastings-Sunrise area averaged $2,008, Renfrew-Collingwood averaged $2,119, Killarney averaged $2,124, and Marpole averaged $2153. Kerrisdale's rents averaged $2,242.
