A recent rent report has revealed the least expensive cities to rent in Metro Vancouver.
Overall, the average rent in Metro Vancouver has been on a downward track since the beginning of the year, a trend that liv.rent has been tracking in its recent monthly rental reports.
The current average for the entire region, for unfurnished one-bedroom units, is $2,223 per month.
According to the June report, average rents in the Metro Vancouver region are down $114 compared to last year and fell by $52 compared to May. liv.rent compared furnished and unfurnished one-bedroom units in Metro Vancouver and found that furnished units in June rented for slightly higher ($2,333 per month).
The rental trend is promising for those hoping for more affordable rent.
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The report also provided some additional revelations, including the discrepancy in cost between the most and least expensive neighbourhoods in Vancouver.
The least expensive Metro Vancouver cities for rent
Surrey is the cheapest city to rent a one-bedroom furnished apartment in. In June, the average rent was $1,856 per month. Following Surrey is Langley, with an average monthly rent of $1,898. Coquitlam is the only other city with an average rent of under $2,000 on the platform, where the average rent for a one-bedroom, unfurnished unit is $1,995 per month.
Surrey is also the most affordable option when considering a two-bedroom unit.
The most expensive city to rent in June was West Vancouver, where rents decreased compared to May.
In Vancouver, the average rent for a one-bedroom unit was $2,436 in June. However, Craigslist displays an even lower average rent, likely because it also factors in tiny suites and shared roommate units.
When searching for rentals on Craigslist, a tab on the left displays the average rent on the platform. For Vancouver, filtered by one-bedroom units, Craigslist lists an average rent of $2,056 per month.
Looking at different neighbourhoods, liv.rent says $869 separate Vancouver’s most and least expensive neighbourhoods. The most expensive is downtown Vancouver, where a one-bedroom unit reached an average rate of $2,764 in June. The least costly is Hastings-Sunrise, where the average rent for a one-bedroom is $1,895.
liv.rent has additional insights on its website.