Metro Â鶹´«Ã½Ó³»rent prices have seen a second decrease in a row following several months of increases -- but costs aren't exactly affordable.
The average price for a newly-listed one-bedroom, unfurnished rental unit this November has dropped by $44 to $2,362 (down from $2,406 in October), according to the latest from liv.rent.
This month's prices haven't increased significantly over last year, either. In November 2022, locals paid an average of $45 less for the same unit. In contrast, last month saw a significant year-over-year price jump, with prices climbing $150 from October 2022 to October 2023.
But overall prices for the Lower Mainland continue to rank among the highest in Canada.
West Â鶹´«Ã½Ó³»has the most expensive average monthly rental prices, followed by the City of Â鶹´«Ã½Ó³»in second, and North Â鶹´«Ã½Ó³»in third.
White Rock had the fourth-highest rates, while Markham, Ontario, rounded out the top five pricey cities.
Metro Â鶹´«Ã½Ó³»apartments for rent: Average rent by listing type
West Â鶹´«Ã½Ó³»was the only city in the region that saw an increase in average prices for a newly-listed one-bedroom, unfurnished unit in November, up $158 from $2,582 in October to $2,740.
The City of Vancouver was the second-priciest place to rent an apartment, with one-bedroom, unfurnished units averaging $2,670 per month in rent. North Â鶹´«Ã½Ó³»rounded out the top three most expensive markets, with its units averaging $2,740.
Burnaby and Richmond followed in fourth and fifth, with their units averaging $2,444 and $2,4000, respectively.
Langley is by far the most affordable place to rent a one-bedroom, unfurnished unit, with its prices averaging $1,889.
While average rent prices for furnished, one-bedroom units fell, but there were a few exceptions.
Liv.rent highlights that "Vancouver (-4.50%), North Vancouver (-4.48%), and West Vancouver (-4.12%) all saw large drops in their rates this month, while on the other hand, Langley (+13.78%) saw a huge month-to-month increase."
Â鶹´«Ã½Ó³»rent by neighbourhood in November
For another consecutive month, Downtown Â鶹´«Ã½Ó³»is the most expensive neighbourhood to rent an unfurnished apartment in the city, with prices averaging $2,986 monthly on units coming up for rent.
West Grey/UBC is the second-priciest area to rent, with units averaging $2,970. Mount Pleasant had the third-highest prices overall, with units averaging $2,763.
On the other end of the spectrum, units in the Renfrew-Collingwood neighbourhood averaged $2,310.
