A new Metro Vancouver rent report reveals that rates are recovering but remain lower than 2024 levels, with several notable findings in Burnaby.
The report’s headline, which comes from liv.rent, reveals that rents in Burnaby are falling faster than in Vancouver.
Liv.rent’s July report compares rent from July 2024 to July 2025.
“Burnaby saw a 7.6 per cent year-over-year drop in one-bedroom unfurnished rent–outpacing Vancouver’s 7.1 per cent decline over the same period.”
Another notable finding is that every major Burnaby neighbourhood posted a rent decrease, including Central Burnaby (-16.1 per cent) and South Slope (-14.7 per cent).
“Even Metrotown rents fell over nine per cent — a sharp drop for one of Burnaby’s busiest neighbourhoods.”
Liv.rent is one of the few rental listing websites that offers analysis on furnished and unfurnished rentals, and according to the latest report, “the furnished premium is disappearing.”
As of this month, furnished one-bedroom units actually rented for less than unfurnished ones “in five out of nine Metro Vancouver cities.”
Looking at the Metro Vancouver rental trend for one-bedroom unfurnished units since February shows a notable drop every month, before a very slight uptick in the cost to rent in July.
liv.rent
“Several cities saw notable changes in average rent prices this month. Looking at one-bedroom furnished units, Richmond (-9.43 per cent) saw the biggest month-to-month decrease, while North Vancouver (+1.19 per cent) and Vancouver (+0.18 per cent) were the only two cities that saw a month-to-month increase,” liv.rent says.
For unfurnished units, Langley saw the most significant month-to-month increase of 2.64 per cent, while Coquitlam saw the largest decrease of 5.96 per cent.
West Vancouver is the most expensive city to rent a one-bedroom unfurnished unit, with an average monthly rent of $2,617. According to liv.rent, the cheapest city to rent in is Surrey, where the average rent for an unfurnished one-bedroom unit is $1,846.
Liv.rent lists the West Point Grey/UBC neighbourhood as the most expensive area to rent an unfurnished one-bedroom unit, with an average monthly cost of $2,863.
B.C. is also bestowed with the dubious honour of having the five most expensive cities to rent in all of Canada:
liv.rent
More findings from the July 2025 liv.rent report are available on its website.