Metro Vancouverites face the steepest rental prices in Canada but the average cost dropped this month over last...and some neighbourhoods offer significant savings.
The price for a newly listed unfurnished, one-bedroom unit in the Lower Mainland dropped in July for the first time year-over-year since March 2021, according to the from liv.rent.
Renter-hopefuls can expect to pay an average of $2,361, down $20 from July 2023, when prices averaged $2,381.
West Â鶹´«Ã½Ó³»remains Canada's priciest city, with prices for newly listed, unfurnished one-bedroom units averaging $2,669.
North Â鶹´«Ã½Ó³»has the second most expensive rent for one-bedroom unfurnished units, averaging $2,641, while Â鶹´«Ã½Ó³»rounds out the top three priciest places, with units averaging 2,607.
The cheapest Metro Â鶹´«Ã½Ó³»neighbourhoods for rental housing in July 2024
For the second consecutive month, Surrey had the lowest average rent prices for unfurnished one-, two-, and three-bedroom units in Metro Vancouver.
Locals looking for cheap rent averaging under the $2,000 mark can browse opinions in a few of the city's neighbourhoods. The South Surrey area's newly listed, unfurnished one-bedroom units averaged $1,873, while Guildford's units averaged only slightly more at $1,893 (see slide three).
Surrey's Newton neighbourhood slid just under $2,000, with units averaging $1,996 per month for rent.
Renter-hopefuls who don't mind living in the Fraser Valley will find the cheapest options in Abbotsford, where newly listed, unfurnished one-bedroom units average $1,624.
Folks looking to stay in the city of Â鶹´«Ã½Ó³»have an option under $2,000. The same units in the Hastings-Sunrise neighbourhood averaged $1,996 in July. The Killarney area only costs slightly more, with units averaging $2,037 (see slide two).
Vancouver's Sunset-Victoria Fraserview neighbourhood was the third-cheapest option in the city, with its newly listed units averaging $2,175.
Other options sitting just over $2,000 include Surrey City Centre at $2,053, Fleetwood at $2,080, and White Rock at $2,083. Langley's Willoughby neighbourhood also costs just above these options at $2,085.
