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Richmond rental market sees decrease in April prices: Report

Richmond is among the few with declining rents in Metro Vancouver
The average rent for one-bedroom units in Richmond in April is $2,401.

The average rent in Richmond for April dropped compared to last month, according to a recent report. released its report this week focusing on average rental prices in Metro Vancouver cities for April.

While the overall average rent in Metro Vancouver rose by 1.68 per cent, Richmond, Coquitlam and New Westminster saw a monthly rent drop.

The average rent for an unfurnished, one-bedroom apartment in Richmond is $2,401, a 0.69 per cent decrease from March.

Average rent for an unfurnished three-bedroom apartment in Richmond saw a more significant decrease of 12.5 per cent to $3,545, while the price for two-bedroom apartments dropped 0.65 per cent to $3,089.

Meanwhile, Coquitlam and New Westminster saw an overall 3.72 and 1.79 per cent decrease, respectively.

The report said Metro Vancouver rental rates "will likely continue their gradual rise throughout the summer months" if last year’s trends are any indication.

"As of this April, our data found that the average Metro Vancouver renter spends 61.65 per cent of their monthly income on rent," reads the report. 

"This is over double the recommended 30 per cent rent-to-income ratio and reflects the mismatch between supply and demand for housing in the region."

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