Average rent for one bedroom in Metro Vancouver nearly $30,000 a year
In another soul-crushing rent report, the average rent for a one-bedroom unfurnished unit across Metro Vancouver reached $2,379, which amounts to $28,548 over the course of a year.
Across Metro Vancouver, only one municipality saw a drop in rent prices month-over-month: Langley.
The report comes from liv.rent, a Canadian rental listing platform.
While prices are on the rise for the region, liv.rent suggests that prices show “signs of slowing” across Canada.
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Between September and December, rents across Metro Vancouver actually saw what liv.rent calls a “fairly steep decrease.”
Since then, however, the average monthly price for a one-bedroom unfurnished unit has begun “gradually climbing.”
In February, rent increased by $12 more than it had the month prior.
Liv.rent has some theories as to why Langley saw a decrease.
“This suggests that recent bylaw changes aimed at encouraging affordable housing projects and reducing rent for tenants may be starting to pay off.”
On a national level, rental rates saw less growth between February 2022 and February 2023 compared to the increase from February 2023 and February 2024.
Liv.rent also expects further adjustments due to upcoming changes, like the regulations around short-term rentals.
“A number of legislative changes are expected to compound this throughout the year, including a significant decrease in the number of approved study permits and new rules for short-term rentals in BC.”
See the full in-depth report here.
Could you see yourself moving to Langley for cheaper rental rates?