Another Metro Vancouver city has edged out Vancouver to become the most expensive market in Canada.
If you were hoping to see some relief from soaring rent prices this year, you might not want to go apartment hunting this month.
Rental prices for unfurnished, one-bedroom units have increased by $147 across the Metro Vancouver region in August 2022, according to Liv.rent’s latest rent report.
The rental platform says prices rose from $2,029 in July to $2,176 in August. Prices saw a slight decline in the previous month, falling $27 from June. Before that, however, average rental costs increased across the region from March through June.
Metro Vancouver apartments for rent: average rent by listing type
Across the country, West Vancouver has surpassed Vancouver to become the most expensive city in which to rent an unfurnished one-bedroom unit, with listings averaging $2,621. Vancouver’s average prices are only slightly lower, however, averaging $2,498 in August.
Another BC city has climbed into the top three of the country’s most expensive markets. Richmond one-bedroom unfurnished units are listed for $2,441 this month.
Toronto is the fourth-priciest city in Canada, with listings averaging $1,979.
Folks looking for cheaper accommodation can try Langley ($1,716), Surrey ($1,740), or Coquitlam ($1,936).
Rent Vancouver: Pricing by neighbor
This August, Mount Pleasant has edged out Downtown Vancouver by only $1 to become the most expensive neighborhood for home rentals in the city, with one-bedroom unfurnished units going for $2,744.
Kitsilano is the third-most-expensive area in the city, with apartments averaging $2,621.
The Fairview neighborhood has the fourth most expensive rental market in the city, with one-bedrooms averaging $2,590.
At the other end of the spectrum, locals looking for a better bang for their buck can still find the lowest rent in the Renfrew area. The average cost of a one-bedroom, unfurnished apartment is $1,869, making it the only neighborhood with average rent under $2,000.