Vancouver rent prices fall as another city remains a surprise rental hotspot
Rent prices in Metro Vancouver have defied seasonal trends, and while one city has seen a stunning drop in prices, another unlikely city continues to shine as a renter hotspot.
liv.rent has released its August report, showing that rent prices for a one-bedroom unfurnished unit are dropping around the Metro Vancouver region, with the exception of Coquitlam, which continues to be a hotspot on the rental platform.
On the other hand, there’s been a wild shift in Surrey since 2022. Rental prices increased by over 27% between August 2022 and August 2023. However, between August 2023 and August 2024, the city saw a sharp decline of 11%, which liv.rent says could be due to stricter Canadian visa rules for international students.
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Of all the cities featured on liv.rent, Coquitlam saw the highest year-over-year rental price increase (7%) for a one-bedroom unfurnished unit compared to last August. The average rent for a one-bedroom in Coquitlam is $2,246.
liv.rent first looked at Coquitlam as an emerging rental hotspot back in March.
Other major Metro Vancouver rental markets saw prices fall compared to last August for a one-bedroom unfurnished unit.
Vancouver ($2,590) saw a 9.1% drop, Surrey ($1,967) saw an 11% drop, and Richmond ($2,427) saw an 8.3% drop. Vancouver, West Vancouver ($2,748), and North Vancouver ($2,680) are the most expensive rental spots for a one-bedroom unfurnished unit.
“Several cities saw notable changes in average rent prices this month. Looking at one-bedroom furnished units, Langley (+11.65%) and West Vancouver(+12.38%) saw dramatic month-to-month increases, while New Westminster (-8.14%) had the most notable month-to-month decrease,” liv.rent’s report states.
liv.rent
Based on liv.rent’s platform, Canada’s five most expensive cities to rent in are in Metro Vancouver.
liv.rent
What about the value of those one-bedroom rental suites? Even though West Vancouver is the most expensive, it’s the cheapest per sq ft.
liv.rent
If you need help with rent, you may be interested to know that liv.rent is giving away $5,000 in the form of five $1,000 cash prizes. You can enter the contest here.