After increasing slightly last month, Metro Vancouver rent prices declined this month, offering a slight reprieve for tenants in the country's most expensive market.
The price for a newly listed, unfurnished, one-bedroom rental unit has decreased by $26 from $2,232 in July to $2,206, according to liv.rent's August rent report.
However, year-over-year rates continue to show substantial declines. Since August 2024, regional rent for an unfurnished one-bedroom unit has decreased by $172.
While Metro Vancouver cities still rank among Canada's most expensive, an Ontario city has crept into the top five. Markham is now the fifth-priciest city to rent a one-bedroom, unfurnished unit in the country, with prices averaging $2,262.
Markham has frequently appeared in the top five, although it often gets knocked out of the most expensive roundup by Metro Vancouver cities such as Burnaby and Richmond (see slide five).
Metro Vancouver rental housing: Average rent by listing type
West Vancouver remains the country's most expensive city, with newly listed, one-bedroom, unfurnished units averaging $2,648 this August, up from $2,617 in July, according to liv.rent's data (see slides three and four).
The city also has the most expensive two- and three-bedroom rental units, with units averaging $3,603 and $4,423, respectively. However, rents for multi-bedroom options have decreased this month over last.
North Vancouver continues to have Canada's second-priciest rent, with the same units averaging $2,530, up from $2,476 in July.
Vancouver rounds out the top three most expensive cities list again, with its one-bedroom, unfurnished units averaging $2,421.
Richmond's one-bedroom rental units averaged $2,301, making it the fourth-most expensive city.
Burnaby continues to round out Metro Vancouver's top five priciest cities list, with units averaging $2,260.
Langley now has the cheapest one-bedroom, unfurnished units, with rents averaging $1,796.
Surrey has the cheapest two-bedroom units, averaging $2,271, as well as three-bedroom units averaging $3,111.
Liv.rent notes that a furnished one-bedroom unit currently rents "for more than an unfurnished one-bedroom unit by $68 a month on average."
Renters looking for furnished units in Richmond or Vancouver will enjoy reduced rates, as rents dropped for one-, two-, and three-bedroom furnished units in both cities.
Vancouver rent by neighbourhood in August
In August, West Point Grey/UBC is Vancouver's most expensive neighbourhood to rent in, with an unfurnished one-bedroom unit renting for an average of $2,849.
The downtown area is the second-most expensive neighbourhood, with the same units renting for $2,763.
The West End is the third-priciest area to rent in, with rates averaging $2,698.
Oakridge followed in fourth, with rents averaging $2,500, with Shaughnessy following in fifth ($2,399).
Marpole had the cheapest rates this month, with rents averaging $2,042, followed by Hastings-Sunrise ($2,048).
