Metro Â鶹´«Ã½Ó³»rent prices have, perhaps unsurprisingly, risen this month-over-last, breaking the previous two-month streak of costs declining.
In April, the average price for an unfurnished one-bedroom apartment in the region costs $2,263, up $55 from March when the average cost was $2,208, according to liv.rent's latest .
While rental prices in the Lower Mainland had declined in February and March, they were still the highest in Canada. Last month, the City of Â鶹´«Ã½Ó³»was the priciest market in the country, with the average monthly price for a newly-listed unfurnished one-bedroom unit totalling $2,587.
And while prices have seen a slight increase this month over last, they have climbed a staggering amount year-over-year. Since April 2022, the monthly rental price for an unfurnished, one-bedroom unit in Metro Â鶹´«Ã½Ó³»has increased by $355 or 18.61 per cent.
Metro Â鶹´«Ã½Ó³»apartments for rent: Average rent by listing type
This month, prices in the City of Vancouver have dropped, falling slightly to an average of $2,523 for a one-bedroom, unfurnished unit; it is now the second-priciest market in Canada.
West Â鶹´«Ã½Ó³»is now the most expensive market in the country with prices soaring to $2,730 from $2,584 in March.
North Â鶹´«Ã½Ó³»is the third-priciest market, with one-bedroom, unfurnished units in the city averaging $2,476. Burnaby follows in fourth, with units averaging $2,361.
Richmond rounds out the top five most expensive cities, with units averaging $2,222.
On the other end of the spectrum, Langley offered the most affordable rent in the region, for both unfurnished and furnished one-bedroom units.
Â鶹´«Ã½Ó³»rent by neighbourhood in April
Once again, locals looking to score rent for under $2,000 per month in the city are out of luck for another month in a row.
Downtown Â鶹´«Ã½Ó³»has the steepest average prices this April, with one-bedroom, unfurnished units averaging $2,830.
Mount Pleasant prices are the second-highest, totalling an average of $2,497 per month for a one-bedroom, unfurnished unit. Kitsilano prices weren't much less, averaging $2,478 this month.
Units in the Dunbar-Arbutus neighbourhood average $2,456 this month, while West Point Grey/UBC rounds out the top five pricey places with units averaging $2,442.
The same type of unit was rented for an average of $2,110 in Vancouver’s cheapest neighbourhood, Strathcona-Grandview Woodland.
Four of the top five most expensive cities in Canada are located in the Lower Mainland. West Â鶹´«Ã½Ó³»is the most expensive city in the country, with one-bedroom units averaging $2,730. The City of Â鶹´«Ã½Ó³»is the second priciest market, with units averaging $2,523.
North Â鶹´«Ã½Ó³»has the third-priciest market in the country, with one-bedroom, unfurnished units averaging $2,476. Burnaby has the fourth highest costs, with units averaging $2,361.
The fifth priciest market is located outside of the province. One-bedroom, unfurnished units in Markham, Ontario cost an average of $2,353 this month.
