Searching for affordable Metro Vancouver rent is a time-consuming experience.
Despite prices decreasing across the region for the second consecutive month in a row, with prices for newly-listed one-bedroom, unfurnished units falling by $44 to $2,362, Canada's four priciest markets are all located in the Lower Mainland, according to liv.rent's November 2023 report.
West Vancouver is now Canada's most expensive city, with its units climbing by $158 to $2,740 this month. Rentals for units hitting the market this month in Vancouver proper aren't much cheaper, with units averaging $2,670 a month.
North Vancouver rounded out the top three most expensive markets, with its units averaging $2,740, followed by Burnaby and Richmond, in fourth and fifth respectively, with their units averaging $2,444 and $2,400.
Are there any affordable Metro Vancouver rent options?
Some Lower Mainland cities or neighbourhoods offer a better bang for a renter's buck.
Abbotsford continues to offer the lowest average monthly prices, as the only area in the region with units averaging under $2,000. This November, renters can expect to shell out around $1,1641.
Surrey has several neighbourhoods with average rental prices totalling under $2,000, such as South Surrey at $1,888, Newton at $1,927, Guildford at $1,945, and Fleetwood at $1,945.
Unfortunately, there aren't any other neighbourhoods in the Lower Mainland with newly-listed units averaging under $2,000 this November. The next best option is Langley's Willoughby neighbourhood, where units averaged $2,043.
In the city of Vancouver, renters can expect to pay an average of $2,114 in the Hastings-Sunrise neighbourhood and $2,125 in the Sunset-Victoria Fraserview.
The cheapest option in Richmond is the Steveston neighbourhood, where units average $2,170.
