Metro Â鶹´«Ã½Ó³»rent prices remain the highest in Canada but some neighbourhoods offer a reprieve from sky-high costs.
The price for a newly listed one-bedroom, unfurnished rental unit increased by $11 to $2,381 from $2,370 in September, according to the from liv.rent.
Prices have dropped year over year, with average costs for the region dropping $25 from $2,406 in October 2023. However, some cities and neighbourhoods have seen significant price surges.
Rent prices in the region's most expensive city, West Vancouver, climbed $142 to $2,907, while the city of Vancouver's priciest neighbourhood, West Point Grey/UBC, saw rents soar to $2,995.
The cheapest Metro Â鶹´«Ã½Ó³»neighbourhoods for rental housing in August 2024
Locals looking to spend several hundred dollars less than the average cost in Metro Â鶹´«Ã½Ó³»can find lower prices in the Fraser Valley. Abbotsford remains the cheapest city in the general region, with rent for a newly listed, one-bedroom unfurnished unit averaging $1,680 in October (see slide two).
However, people planning to stay inside the region aren't out of luck this month. Surrey has several neighbourhoods boasting average rental prices under the $2,000 mark.
In Surrey's Guildford area, units averaged $1,856, while the Newton neighbourhood averaged $1,881. Fleetwood prices averaged $1,983.
Surrey also had neighbourhoods with prices sitting just above $2,000. Surrey City Centre averaged $2,028 and South Surrey averaged $2,178. White rock's units averaged $2,072.
Shockingly, the cheapest newly listed one-bedroom units to rent this month are furnished. South Surrey's furnished units averaged $1,508 while its unfurnished ones averaged $2,178. While unfurnished units are almost always cheaper, renters should check prices for both.
Langley's Willowbrook neighbourhood averaged $1,984, while its Willoughby area averaged slightly higher at $2,090.
Â鶹´«Ã½Ó³»rent prices climb over $2,000 in cheaper neighbourhoods
Â鶹´«Ã½Ó³»proper no longer has an option for rent averaging under $2,000. Prices for newly listed, one-bedroom, unfurnished units averaged $2,172 in Sunset-Victoria-Fraserview (see slide three).
The Renfrew-Collingwood neighbourhood in Â鶹´«Ã½Ó³»was the second-cheapest option in the city, with prices averaging $2,175.
Richmond's cheapest neighbourhood is Steveston, with prices averaging $2,236, while Burnaby's central area had its cheapest rents, averaging $2,372.
Folks looking to rent in Coquitlam's Burquitlam area face rents averaging $2,375 this month.