If you're looking to score an apartment for under $2,000 in Metro Vancouver this May, your options are few and far between.
While some neighbourhoods have average monthly rental prices for one-bedroom, unfurnished units average below the $2000 mark, most of them cost more. In some areas, average prices cost upwards of $2,500 per month.
Several Metro Vancouver cities saw a dramatic increase in prices this May, with the average price for an unfurnished, one-bedroom unit increasing by $55 to $2,263, according to liv.rent's latest report.
The company notes that average rent prices actually increased in every city besides Burnaby and Coquitlam this month. Additionally, Canada's top five priciest markets are located within Metro Vancouver this month.
The cheapest Metro Vancouver neighbourhoods for rental housing in April 2023
Locals looking for the best bang for their buck will want to head to the Fraser Valley. Prices for an unfurnished, one-bedroom unit averaged $1,527 in Abbotsford this May, making it the cheapest area.
Folks looking to rent within the Metro Vancouver region can browse cheaper options in a couple of Surrey's neighbourhoods. Guildford's one-bedroom units averaged $1,712, while South Surrey units cost $1,806.
Langley's Willoughby neighbourhood only costs slightly more, with newly-listed units averaging $1,799 this month.
Prospective tenants will also find some options under $2,000 in the SFU/Burnaby Heights neighbourhood, where units averaged $1,912.
Renters hoping to score low-cost options in the City of Vancouver will find their dollars go the furthest in the Renfrew-Collingwood neighbourhood, with units averaging $2,003. Another lower-cost option is Hastings-Sunrise, with units averaging $2,177.
The third least-expensive Vancouver neighbourhood is Killarney, with units averaging $2,310. Marpole's prices are only slightly higher, with units averaging $2,317.
