Relief from soaring rent is possible, as some Metro Vancouver areas have prices lower than the regional average.
West Vancouver is the most expensive rental housing market in Canada currently, with newly-listed, one-bedroom furnished rental units averaging $2,754 in May. However, these prices averaged hundreds more than the regional average.
Regional rents decreased by $3 from $2,278 in April to $2,275 this May, according to the latest report from liv.rent, and they decreased by $92 year-over-year.
West Vancouver, North Vancouver, Richmond, Vancouver, and Burnaby are the most expensive cities in which to rent a newly-listed, unfurnished one-bedroom unit in Canada this month.
Do some Metro Vancouver areas have more affordable rental prices?
Renters looking for the cheapest rent will have the best luck again in the Fraser Valley, with Abbotsford's prices for newly-listed, one-bedroom units averaging $1,575 in May. This price is up by only $1 since last month.
Surrey has the most options under $2,000 for renters in Metro Vancouver this month. Newton is the city's cheapest option, with rent averaging $1,731, while Fleetwood offers the next best deal, with rents at $1,740. The third-cheapest neighbourhood is Guildford, with rents averaging $1,763 for new units on the market.
Surrey City Centre also had prices averaging under the $2,000 mark, at $1,911, while South Surrey's prices averaged just over it at $2,075.
White Rock's rental prices also averaged close to $2,000, at $2,002 in May.
Langley also had lower-priced rents for prospective tenants this month. Willowbrook's rent prices averaged $1,858 while Willoughby's averaged $1,931.
Unfortunately, renters looking for other affordable options won't have much to choose from. Burnaby had two neighbourhoods with prices averaging just over $2,000. South Slope's rents averaged $2,029 while SFU/Burnaby Heights averaged $2,091.
Vancouver's cheapest neighbourhood was Sunset-Victoria Fraserview, with rents averaging $1,958. Hastings-Sunrise rents averaged right at the $2,000 mark, while Renfrew-Collingwood's prices averaged $2,016. Marpole rents averaged $2,081.
