Rent has been falling around Metro Vancouver for months, but one city has seen a sharper decline in rent than others: Surrey.
According to the September rent report from liv.rent, Surrey is seeing some staggering rental declines.
Surrey has often been viewed as a more affordable alternative to cities like Burnaby, Vancouver, and Richmond; however, rent rates have dropped significantly over the course of the year.
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In September, the average rent for a one-bedroom unit in Surrey hit $1,789 on liv.rent’s platform. That’s exceptionally low compared to Vancouver, where a one-bedroom unit was renting at an average of $2,253 in September. That’s a bit lower than what Rentals.ca reported.
Liv.rent’s report says that rent in Surrey has fallen for nine consecutive months.
“Throughout 2025, Surrey has recorded year-over-year declines in one-bedroom unfurnished rents every single month. In September, it also posted the steepest drop in Metro Vancouver, with one-bedroom rents down an average of -11.4 per cent,” the report states.
Surrey is now the most affordable place to rent a one-bedroom unit in Metro Vancouver, followed by Langley ($1,866) and New Westminster ($2,005).
West Vancouver, North Vancouver, and Richmond are the three most expensive cities in Metro Vancouver to rent in.
Another interesting finding in liv.rent’s report pertains to South Vancouver neighbourhoods.
Several neighbourhoods in South Vancouver, namely Marpole, Sunset–Victoria Fraserview, and Killarney, experienced significant rent declines for one-bedroom units, both month-over-month and year-over-year.
One more tidbit that liv.rent highlighted in its report is the fact that furnished units in both Burnaby and Richmond are actually renting for less than unfurnished units, giving some renters a bit of a head start, especially those dealing with cost-of-living challenges.
If you don’t already, would you consider renting in Surrey or moving there from Vancouver to save on rent? Let us know in the comments.
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