The convenience offered by rental housing located within very close proximity to Metro Vancouver’s regional SkyTrain network comes at a premium.
It also goes without saying that the highest monthly rents are in the areas around the stations within the downtown Vancouver peninsula.
But recent data compiled by online rental listing platform Liv provides a further glimpse of the average monthly rents for station areas outside the city centre and deep in the suburban areas of the region, where the largest clusters of transit-oriented developments are on the rise. These are the same areas where people are seeking improved housing affordability, compared to Vancouver.
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Along the Expo Line, the second highest average rents after downtown are located around Patterson and Metrotown stations, where rents at $1,765 for a one-bedroom unit and $2,400 for a two-bedroom unit.
Rents are slightly lower eastward at Royal Oak Station, where rents at $1,700 for a one-bedroom unit and $2,350 for a two-bedroom unit.
At the easternmost terminus of the Expo Line, rents hover at $1,450 for a one-bedroom unit and $1,700 for a two-bedroom unit at King George Station. This is slightly higher than Surrey Central Station, where Simon Fraser University’s (SFU) Surrey campus is located, but lower than the rates at New Westminster and Columbia stations.
The Expo Line’s lowest rents can be found at Gateway Station — $1,300 for a one-bedroom unit and $1,500 for a two-bedroom unit.
Average rents at Commercial-Broadway Station, the convenient juncture of Expo and Millennium lines, and major bus routes especially the 99 B-Line, are $1,650 for a one-bedroom unit and $2,300 for a two-bedroom unit.
The highest average rents along the Millennium Line are located around Brentwood Town Centre Station, with rates at $1,865 for a one-bedroom unit and $2,450 for a two-bedroom unit. Rents at Gilmore Station, one stop west within the Brentwood district, are marginally lower.
Average rents along each of the Millennium Line Evergreen Extension’s stations are roughly the same, with only a nominal difference between the stops. The highest rents are found at Inlet Centre Station, where rates are at $1,780 for a one-bedroom unit and $2,200 for a two-bedroom unit.
Despite the close proximity to SFU’s Burnaby Mountain campus, some of the Millennium Line and Expo Line’s lowest rents can be found at Production Way-University Station — $1,520 for a one-bedroom unit, and $1,600 for a two-bedroom unit.
The Canada Line’s catchment area has the highest average rents of the three SkyTrain lines. The lowest rates are located around the four stations in Richmond, with a one-bedroom unit fetching for $1,600, and a two-bedroom unit for $2,300.
Bridgeport, Aberdeen, and Lansdowne stations have roughly the same two-bedroom rates, but the $1,825 one-bedroom rents at Bridgeport are the highest amongst the Richmond stations.
Interestingly, the average rents between Bridgeport Station and King Edward Station are essentially the same.
At Oakridge-41st Station, the rates are at $1,925 for a one-bedroom unit, and $2,780 for a two-bedroom unit. There is only a $30 decrease for the two-bedroom units around Langara 49th Avenue and Marine Drive stations, but the differences are slightly more pronounced for one-bedroom units.
The difference between the rents of Oakridge-41st Avenue Station and the stations in and around downtown Vancouver are minimal; one-bedroom rents at Oakridge-41st Avenue Station are only $75 lower than Olympic Village Station, while the two-bedroom rate difference between Oakridge-41st Avenue Station and most downtown SkyTrain stations is just $70.
Currently, rents around Broadway-City Hall Station — the future juncture of the Canada Line and Millennium Line Broadway Extension — are $1,850 per month for a one-bedroom unit and $2,850 per month for a two-bedroom unit.