A new Metro Vancouver city has become the cheapest place to rent in the region per sq. ft.
That title now belongs to Surrey.
It might not be an unlikely city, as Surrey has already been known to have cheaper rentals than other parts of Metro Vancouver, but before liv.rent’s latest report, West Vancouver was surprisingly the most affordable city to rent in per sq. ft.
This month, rentals in Surrey are $2.55 per sq. ft., followed by West Vancouver at $2.56 per sq. ft., and Langley at $2.88 per sq. ft.
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Surrey is also the cheapest place to rent on liv.rent’s platform overall this month, while West Vancouver is the most expensive. Surrey is also the only Metro Vancouver city where rent for an unfurnished three-bedroom unit is still under $3,000.
liv.rent
Liv.rent’s report states that Vancouver was the only city that saw rents fall across all unit types, including furnished and unfurnished units. However, Metro Vancouver, as a region, saw a rent increase.
“This month, the average rent price for an unfurnished, one-bedroom unit increased by $9 to a new average of $2,306. Since March 2024, Metro Vancouver’s average rate for an unfurnished one-bedroom unit has decreased by $31.”
liv.rent
Apartments dominate the rental market in terms of the types of homes that are available. Apartments comprise 72.2 per cent of liv.rent’s total active listings. Partial houses, like basement suites, comprise 16.84 per cent of active listings. Only 6.84 per cent of active listings are houses.
Four of the top five most expensive places to rent in Canada are in Metro Vancouver, including North Vancouver, West Vancouver, Vancouver, and Richmond, followed by Markham, Ont.
The report also lists the age of renters on the liv.rent platform. Renters aged 25-34 make up 35 per cent of all renters on the platform, which is the largest cohort.
liv.rent