Average one-bedroom rent in Metro Vancouver up 19% from last year
It’s not just you. Rent has gone up significantly in just the last year.
According to Vancouver-based rental platform liv.rent, since March 2022, the average rent for unfurnished, one-bedroom units in Metro Vancouver has increased by $352 or 18.97%.
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Taking a look at the rental trends, the current average asking rent has dipped slightly in recent months from a high of $2,317 in November down to $2,208 in March.
But compare those numbers to the previous year on this chart.
liv.rent
If you got into a one-bedroom last year, consider yourself lucky because asking rents are now significantly more expensive.
Of course, Metro Vancouver is a large region; asking rent in downtown Vancouver will be different than in suburban Coquitlam.
This graph breaks down asking rents for March 2023 by Metro Vancouver municipality and indicates if the month-to-month change is up or down.
liv.rent
On average, Vancouver is the most expensive place to rent an unfurnished one-bedroom, followed closely by West Vancouver. Langley looks to be the most affordable spot, according to the chart.
In the City of Vancouver, different neighbourhoods command different rental rates.
Here’s a look at the prices in March for apartments in Vancouver neighbourhoods.
liv.rent
On average, Renfrew-Collingwood is the most affordable neighbourhood, while downtown prices are nearing $3,000.
Unsurprisingly, Vancouver is still the most expensive city in Canada for renters.
liv.rent
Markham, Ontario, made the list this March as the fifth most expensive city for renters in Canada after West Vancouver, North Vancouver, and Burnaby.
You can learn more and see the full March rent report from liv.rent.
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