Metro Â鶹´«Ã½Ó³»new rental prices rose slightly this month over last, but dropped year-over-year.
The average rent in August for a newly listed, unfurnished, one-bedroom unit rose by $17, to a new average of $2,378, according to the from rental platform .
West Â鶹´«Ã½Ó³»remains the most expensive to rent one- or two-bedroom unfurnished units in the region, with the newly listed one-bedroom apartments averaging $2,748. Prices for one-bedrooms increased this month over last, climbing $79 from $2,669 in July.
Canada's top five most expensive rental markets are located in Metro Vancouver.
The cheapest Metro Â鶹´«Ã½Ó³»neighbourhoods for rental housing in August 2024
Renters looking for cheaper options in the Lower Mainland aren't out of luck.
Surrey had the cheapest prices for unfurnished one-, two-, and three-bedroom units for a third consecutive month. One-bedrooms averaged $1,967 or a staggering $781 cheaper than West Vancouver's market; that's a difference of more than $9,300 per year.
Within Surrey there are several neighbourhoods with rents averaging even less. One-bedroom unfurnished units averaged $1,713 in Newton, while Guildford's averaged $1,908 (see slide three).
A couple of other Surrey neighbourhoods also cost under $2,100, including South Surrey ($2,037) and Surrey City Centre ($2,099).
The city of Â鶹´«Ã½Ó³»was the only other city within Metro Â鶹´«Ã½Ó³»with a neighbourhood where rents averaging under $2,000. Prices for newly-listed, one-bedroom, unfurnished units averaged $1,965 in Sunset-Victoria-Fraserview (see slide two).
Options in the city climb up significantly after that, with similar units in the next cheapest neighbourhood, Killarney, averaging $2,214. The third cheapest option is Renfrew-Collingwood, with prices averaging $2,223.
The cheapest place to rent newly-listed, one-bedroom, unfurnished units in the Lower Mainland is Abbotsford, with prices averaging $1,631.
