Metro Vancouver rent prices have decreased for a second consecutive month, albeit by a modest amount.
The price for an unfurnished, one-bedroom rental unit decreased by $3 from $2,278 to $2,275 this month, according to the May 2025 report from liv.rent.
Year-over-year, regional rent prices have decreased more significantly, averaging $92 lower in May 2025.
Liv.rent notes that the Bank of Canada’s April 16 announcement indicated it would keep the policy rate at 2.75 per cent, leading many to "believe that rent and home prices may continue to fall through 2025."
Despite the regional average falling again this month, Canada's top five priciest home rental markets are in Metro Vancouver.
Metro Vancouver rental housing: Average rent by listing type
West Vancouver remains Canada's most expensive city in which to rent a newly-listed, one-bedroom furnished rental unit, averaging $2,754 in May, up $159 from $2,595 in April. It also had the most expensive two- and three-bedroom rentals, with prices averaging $3,464 and $4,609, respectively.
North Vancouver is the country's second priciest city, with rents averaging $2,529, up by just $1 from $2,528 in April.
Richmond has replaced the city of Vancouver as Canada's third most expensive market, with one-bedroom rental units averaging $2,437, up $94 from $2,343 in April.
Vancouver wasn't far behind Richmond, with prices averaging $2,408, down $24 from $2,432 in April.
Burnaby rounds out the top five most expensive cities to rent in Canada and Metro Vancouver, with newly listed one-bedrooms averaging $2,252 in May, down by $26 from $2,278 in April.
Surrey continues to offer the most affordable rent for all types of unfurnished units, with one-bedroom units averaging $1,851, two-bedroom units averaging $2,373, and three-bedroom units averaging $3,091.
Langley had the lowest average rental rates when looking at one-bedroom furnished units, with prices averaging $2,020, and two-bedroom furnished units averaging $2,481.
Surrey has the region's cheapest three-bedroom furnished units, with prices averaging $3,338.
Vancouver rent by neighbourhood in May
The Dunbar-Arbutus neighbourhood is now the most expensive neighbourhood in which to rent a one-bedroom, unfurnished unit in the city of Vancouver, averaging $2,734 in May.
Typically, Downtown Vancouver has the city's most expensive rents. While prices made it the second-priciest neighbourhood in May, they weren't much lower, averaging $2,707.
West Point Grey/UBC rents averaged $2,666, up $3 from $2,663 in April.
Fairview and Kitsilano rounded out the top five priciest rental housing markets, with rents for new listings averaging $2,580 and $2,429, respectively.
