Huge rent gap between cheapest, most expensive Vancouver neighbourhoods
A new rent report reveals some interesting highlights for Metro Vancouver, including what the most costly and most affordable neighbourhoods are and the huge gap between them.
Liv.rent says that Vancouver is home to four of the five most expensive cities to rent in Canada, including West Vancouver, followed by North Vancouver, Vancouver, and Richmond. The only non-BC-based city that rounds out the top five is Markham in Ontario.
A few cities also saw notable rent increases and decreases for furnished units.
According to the report published this week, there’s a huge $922 gap between Metro Vancouver’s most and least expensive neighbourhoods.
Looking just at Vancouver specifically, Downtown Vancouver is the most expensive neighbourhood to rent in this month ($2,782/month), while the Sunset-Victoria Fraserview area is the cheapest ($1,976).
In January, the average rent for an unfurnished one-bedroom in Metro Vancouver dropped by $4 to $2,293, a $74 drop compared to last January.
The rental trend since August is good for people hoping for cheaper rates.
The cheapest cities to rent in this January are all in the Surrey area, with the lowest being Newton, Surrey, where the average one-bedroom unit is $1,850.
liv.rent
Looking at active listings, apartments dominate the rental market on liv.rent’s platform, making up 72.60% of all active listings. Partial house rentals follow, with house and townhouse rentals lagging behind both.
The most expensive unit type across liv.rent’s platform is the average for a three-bedroom unit in the West End, which is $4,476 monthly.
Liv.rent has more analysis on its website, where you can also download a full report for January.