Metro Vancouver rental prices have only increased an average of $9 this month over last — but neighbourhoods across the region still continue to see some of the highest prices in Canada.
According to the most recent data, the average cost to rent an unfurnished, one-bedroom unit in the Lower Mainland this October is $2,256, up from $2,176 in August.
Metro Vancouver renters are now spending over half (51.37 per cent) of their monthly income on rent, which the rental company notes is "considerably above the recommended 30 [per cent] income-to-rent ratio."
Across Canada, West Vancouver continues to see the country's highest average rental prices at $2,828 for an average one-bedroom, unfurnished unit. Vancouver follows as the second-priciest market with prices averaging $2,589 per month. North Vancouver has remained in third place, with a monthly average rent of $2,499. Burnaby rounds out the top four priciest cities, at $2,386.
The cheapest Metro Vancouver neighbourhoods for rental housing in October 2022
This October, folks looking to rent in the City of Vancouver will find the best bang for their buck in the Point Grey neighbourhood, with unfurnished, one-bedroom units averaging $2,072.
This month, there are no neighbourhoods in the city where it costs under $2,000 per month to rent. Renfrew, which typically sees an average rental price a couple of hundred dollars under that price point, rose to $2,147 this month. With this in mind, it is the second-most economical option in the city right now.
Locals looking for lighter impacts on their wallets will want to venture outside of the city. Renters willing to travel outside of Metro Vancouver will find the average price for unfurnished one-bedroom apartments drops to $1,471 in Abbotsford.
Folks who want to find cheaper rent in Metro Vancouver should look at options in South Surrey, where unfurnished one-bedroom units average $1,683. Surrey's Guilford area also offers more affordable units, averaging $1,658 this month. Similarly, Surrey's Newton neighbourhood averaged $1,716.
Langley's Willoughby and Willowbrook neighbourhoods are also more affordable options, with unfurnished one-bedroom units averaging $1,867 and $1,925, respectively.
Richmond's Steveston neighbourhood saw unfurnished, one-bedroom units averaging $1,945 this month. Coquitlam's Burquitlam neighbourhood had similar prices, with units averaging $1,990.