Metro Vancouver rent prices have increased after three consecutive months of declining costs.
Rental prices for a newly-listed unfurnished, one-bedroom apartment rose by $26 from $2,341 in December 2023 to $2,367 in January 2024. But prices for these units have increased by $110 year-over-year. In January 2023, rental prices averaged $2,257.
West Vancouver is now Canada's most expensive city to rent in, overtaking the City of Vancouver. Four of Canada's top five most expensive markets are located in the Lower Mainland, except the fourth-most expensive city, Markham, Ontario, according to liv.rent's latest report.
While prices increased this month over last, the "average rate for an unfurnished one-bedroom unit remains just above November’s levels."
Metro Vancouver apartments for rent: Average rent by listing type
Liv.rent says unfurnished one-bedroom units are, on average, $121 less expensive than furnished one-bedroom units.
West Vancouver topped the region and Canada for its rental prices, with its one-bedroom, unfurnished units averaging $2,819 this January; it also had the highest prices for two- and three-bedroom units.
North Vancouver was the second-most expensive city to rent an unfurnished unit, with its one-bedroom spots averaging just under $100 less than West Vancouver at $2,715.
West Vancouver and North Vancouver experienced dramatic average price increases this month, at 7.88 per cent and 4.55 per cent, respectively.
The City of Vancouver was the third-priciest market, with its one-bedroom, unfurnished units averaging $2,627 this month. Prices fell by 1.19 per cent from last month when it was the priciest place to rent.
Richmond was the fourth most expensive city in Metro Vancouver and the fifth most expensive in Canada, at $2,466.
While North Vancouver saw a dramatic jump in average prices for unfurnished units, it had the most noteworthy decline in costs for furnished ones, with prices falling 4.75 per cent. Surrey and Langley also saw their average costs fall, 3.9 per cent and 3.3 per cent, respectively.
Only two cities saw increases in average prices for furnished units this month over last: Burnaby (+3.26%) and Vancouver (+0.75%).
Vancouver rent by neighbourhood in January
Dunbar-Arbutus is Vancouver’s most expensive neighbourhood to rent in this month, with an unfurnished, one-bedroom unit averaging $3,14.
West Point Grey/UBC had the second highest prices, with units averaging $2,918. Downtown Vancouver rounded out the top three, with its prices averaging $2,788.
The same type of unit rents for an average of $2,293 in Vancouver’s cheapest neighbourhood, Renfrew-Collingwood.
