Metro Vancouverites face Canada's priciest rental market, despite prices dropping slightly this month over last.
The price for a one-bedroom, unfurnished rental unit in the Lower Mainland dropped to $2,370 this September, down by $8 from $2,378 in August, according to the latest report from liv.rent.
However, the country's top five most expensive cities are still located in Metro Vancouver. West Â鶹´«Ã½Ó³»tops the list, with newly listed, one-bedroom, unfurnished units costing an average of $2,765, up $17 from 2,748 in August.
North Â鶹´«Ã½Ó³»has the second-priciest market, with newly listed one-bedroom, unfurnished units averaging $2,665. The city of Â鶹´«Ã½Ó³»came third, averaging $2,530.
The cheapest Metro Â鶹´«Ã½Ó³»neighbourhoods for rental housing in August 2024
Renters looking for less eye-watering monthly costs have more economical options in select neighbourhoods across the Lower Mainland.
Abbotsford remains the cheapest place to rent a newly listed one-bedroom unit, with prices averaging $1,683 in September, up slightly from $1,631 in August (see slide three).
Surrey has the second-cheapest rent in the region, with prices for new listings in its Newton area averaging $1,744 this month. Surrey's Guildford and Fleetwood neighbourhoods also averaged under $2,000, with rents averaging $1,887 and $1,924, respectively.
The Surrey City Centre area's prices were just above $2,000 this month, averaging $2,053.
Â鶹´«Ã½Ó³»proper also had an option for rent averaging under $2,000. Prices for newly listed, one-bedroom, unfurnished units averaged $1,976 in Sunset-Victoria-Fraserview (see slide two).
The Renfrew-Collingwood neighbourhood in Â鶹´«Ã½Ó³»was the second-cheapest option in the city, with prices averaging $2,141.
No other neighbourhoods in the Lower Mainland averaged under $2,000 this September for rental housing hitting the market. However, Langley's Willowbrook neighbourhood prices averaged only slightly higher, at $2,041; its Willoughby neighbourhood's prices averaged just above Willowbrook's, at $2,066.
