Metro Â鶹´«Ã½Ó³»rent prices have increased for a second consecutive month after decreasing for three months in a row.
The price for an unfurnished, one-bedroom rental unit increased by $9 from $2,293 to , according to the latest report from liv.rent. However, since March 2024, the regional average rent has decreased by $31.
The company's calculations include all types of rental units, although apartments make up the lion's share of active listings, at 72.22 per cent. Partial houses, like basement suites, make up 16.84 per cent.
Canada's top four most expensive cities are located in Metro Vancouver, with Markham, Ontario, rounding out the top five.
Metro Â鶹´«Ã½Ó³»apartments for rent: Average rent by listing type
West Â鶹´«Ã½Ó³»remains the most expensive place to rent a newly listed unfurnished, one-bedroom unit, averaging $2,864, up $134 from $2,725 in February. The city is also the most expensive place to rent a two-bedroom, unfurnished unit, averaging $3,665 in March.
North Â鶹´«Ã½Ó³»was the second-most expensive city in which to rent a one-bedroom, unfurnished unit in the region, averaging $2,609 (up from $2,572 last month). It was the most expensive place to rent a three-bedroom unit this month, averaging a staggering $4,267.
The city of Â鶹´«Ã½Ó³»retains the third-most expensive title, with its one-bedroom units averaging $2,460 (up slightly from $2,468 in February).
Richmond and Burnaby were the fourth and fifth most expensive markets for newly listed rental units in February 2025, averaging $2,305 and $2,230, respectively.
Renters looking for the most affordable options will have the best luck in Surrey, with one-bedroom rental units averaging $1,906, two-bedrooms averaging $2,417, and three-bedrooms averaging $2,944.
Looking at one-bedroom furnished units, West Vancouver (+10.69 per cent) and Burnaby (+1.68 per cent) saw the biggest month-to-month increases, while Langley (-6.97 per cent) had the most notable month-to-month decrease.
Â鶹´«Ã½Ó³»rent by neighbourhood in March
Downtown Â鶹´«Ã½Ó³»continues to rank as the city’s most expensive neighbourhood, with an unfurnished one-bedroom unit renting for an average of $2,764.
The same units rented for only slightly less in West Point Grey/UBC, averaging $2,634. Mount Pleasant had the third-priciest units, averaging $2,468.
Fairview and Kitsilano rounded out the top five priciest areas, with units averaging $2,444 and $2,427, respectively.
The same type of unit rents for an average of $1,931 in Vancouver’s cheapest neighbourhood, Sunset-Victoria-Fraserview.
