Metro Vancouver rent prices have continued to climb this year, with Canada's top five priciest markets located in the region.
Renters hoping to find low-cost options across the region will find fewer options, with the average cost for a one-bedroom, unfurnished unit averaging $2,438 — a new record high, according to liv.rent's September report.
September's average rose $32 from August's regional average of $2,406. Year over year, September's average price has increased by a whopping $191.
Rental prices have increased for the last six consecutive months across the Lower Mainland, with tenants in the City of Vancouver forking out the biggest bucks, with units averaging an eye-watering $2,802.
On top of this, the government announced the B.C. rent increase for 2024 on Monday, Sept. 11 morning, allowing landlords to increase costs by 3.5 per cent.
The cheapest Metro Vancouver neighbourhoods for rental housing in September 2023
Despite soaring costs in B.C.'s biggest cities, there are still some notably cheaper cities and neighbourhoods to rent in.
Abbotsford continues to offer the best bang for a renter's buck, with one-bedroom, unfurnished units averaging $1,714 this September.
Locals who aren't keen on the Fraser Valley can also find low-cost options in Surrey, where prices for unfurnished, one-bedroom units in Guildford averaged $1,915 and $1,983 in South Surrey.
Units in Langley's Willoughby neighbourhood averaged just above the $2,000 mark, while another Surrey area, Fleetwood, averaged slightly more, at $2,080.
On the other end of the spectrum, the neighbourhoods with the steepest price tags were located within the City of Vancouver, where units in the West Point Grey/UBC area averaged a jaw-dropping $3,144. Similarly, West End apartments generally commanded a hefty monthly payment, with units averaging $3,073.
While no Vancouver neighbourhoods averaged under $2,000 this month, the Hastings-Sunrise area continues to offer the most affordable places to live, with its apartments averaging $2,162.
