Metro Vancouver renters can continue to enjoy a surprising new trend in the market this March.
For the second month in a row, rental prices for an unfurnished, one-bedroom unit have decreased in the region, falling $43 from $2,251 in February to $2,208, according to Liv.rent's latest rent report.
In 2022, the vast majority of months saw at least marginal, if not significant, increases. And to start off the new year, prices in January increased by $30 to $2,257.
But folks looking to rent in the city face steeper prices this month.
While rental costs have decreased across the Metro Vancouver region, prices for one-, two-, and three-bedroom, unfurnished units in the City of Vancouver all increased this month. In fact, B.C.'s biggest city is now the priciest place to rent an apartment in Canada (last month West Vancouver held the title).
Liv.rent notes that "demand is still high in Canada’s major rental markets so it’s uncertain whether prices will continue to rise throughout 2023, or if they’ll gradually return to previous levels."
Metro Vancouver apartments for rent: Average rent by listing type
While prices for the average, unfurnished one-bedroom unit in Vancouver climbed to $2,587 this month, apartment rental costs dropped in virtually every other city in the region.
West Vancouver and Richmond were the only two other cities to see an increase in prices, with the former rising to $2,584 (making it the second-most-expensive city in the market). Richmond is the fifth-most-expensive place to rent, with prices averaging $2,215.
North Vancouver is the third-most-expensive place to rent an apartment, with prices averaging $2,431 for an unfurnished, one-bedroom unit.
Burnaby is the fourth-priciest city to rent in this March, despite prices falling (a short way) this month-over-last from $2,374 to $2,360.
Vancouver rent by neighbourhood in March
Locals looking to rent in the city this month face the steepest costs; only one neighbourhood sees rent for an unfurnished, one-bedroom unit for under $2,000.
Renfrew-Collingwood is the most affordable market in the city, with apartments averaging $1,996 this March.
On the other end of the spectrum, prices in Downtown Vancouver have climbed to a jaw-dropping average of $2,895 for an unfurnished one-bedroom unit.
Average rental prices in Mount Pleasant weren't much lower, with apartments averaging $2,588 this month. Similarly, Kitsilano prices averaged $2,536 while West Point Grey/UBC prices average $2,519.
Four of the top five most expensive cities in Canada are located in the Lower Mainland. Vancouver has the priciest market, with units averaging $2,587, and West Vancouver follows in second, with units averaging $2,584.
North Vancouver has Canada's thirst-most-expensive market, with prices averaging $2,431. Burnaby follows in fourth, with prices averaging $2,360.
Markham, Ontario rounded out the top five, with its unfurnished, one-bedroom units averaging $2,293.