Metro Vancouver rental prices have increased this month over last, offering fewer affordable options for tenants across the region seeking a new place to live.
Montly rental prices for an unfurnished one-bedroom unit in Metro Vancouver have increased in January 2023, rising $30 month-over-month from $2,227 to $2,257, according to Liv.rent's latest rent report.
Now, the five most expensive cities in Canada in which to rent are located in B.C., with West Vancouver taking the top spot this month with its one-bedroom, unfurnished units averaging $2,844. North Vancouver isn't far behind in second, with its units averaging $2,576 rent this month
The third-most expensive market in the country this month is the city of Vancouver, with one-bedroom, unfurnished units averaging $2,488 per month in rent. In the fourth spot, Burnaby's apartments averaged $2,394 in January.
Richmond rounded out the top five priciest markets in Canada, with units averaging $2,195 to ring in the new year.
The cheapest Metro Vancouver neighbourhoods for rental housing in December 2023
Locals looking for cheaper options aren't out of luck, however. This January, the cheapest neighbourhood in which to rent is actually in a city, Abbotsford, with unfurnished, one-bedroom units averaging $1,570 per month.
Renters who aren't willing to move out to the Fraser Valley will find some affordable options in Surrey. The Guildford area offers the best bang for your buck, with one-bedroom units averaging $1,582 this month. Surrey City Centre is another lower-cost option, with units averaging $1,890. Similarly, Newton units rent for an average of $1,908.
Outside of Surrey, the cheapest place to rent is Langley's Willoughby neighbourhood, with units averaging $1,789.
In Vancouver, the only option that costs under $2,000 is the Sunset-Victoria Fraserview neighbourhood, with units averaging $1,952.