People hunting for cheap rent in Metro Vancouver may finally have some options.
While the region continues to have the most expensive rent in the country, some areas are seeing lower average prices for new listings.
The Lower Mainland saw prices drop following back-to-back rent increases to kick off 2024. The price to rent a one-bedroom, unfurnished unit in the region has fallen by $42 to $2,337 in March, according to the latest report from Liv.rent.
The cities with lower overall rental prices also have areas with even cheaper options; the prices can vary dramatically between neighbourhoods. Even more expensive cities, such as Vancouver Proper, have areas with cheaper rent.
Renter-hopefuls may be hard-pressed to find cheap rent in a couple of neighbourhoods. Rental units in Canada's most expensive city, North Vancouver, averaged $2,677 per month for newly-listed units. West Vancouver's average wasn't far off, with prices at $2,561.
Where can I find cheap rent in Metro Vancouver?
Locals can find several rental options in Metro Vancouver for under $2,000 in March.
South Surrey was the only neighbourhood that previously averaged under $2,000, with units averaging $1,750 in February. While costs have increased by $86 to $1,836 for newly-listed units, it is still one of the most affordable options for rent (see third slide).
Surrey has other low-cost neighbourhoods, including another one that has rent averaging under $2,000. Fleetwood's one-bedroom, unfurnished units averaged $1,941 in March. The third-best option is Newton, with units averaging $2,122.
People seeking the cheapest prices may want to look at the Fraser Valley. Abbotsford had the lowest average prices, with its one-bedrooms averaging $1,745 per month in March.
Langley also offered some affordable options for under $2,000. Rental units in the Willowbrook neighbourhood cost an average of $1,839, while ones in the Willoughby neighbourhood cost $1,956.
People looking for low-cost options in Richmond should browse listings in Steveston, where units averaged $2,194. In Burnaby, the South Slope neighbourhood was the cheapest option, with units averaging $2,386.
The cheapest options in Vancouver are Kerrisdale and Hastings-Sunrise, with newly-listed one-bedroom, unfurnished units averaging $3,018 and $3,020, respectively (see second slide).
