Metro Vancouver rent prices increased this month over last but dropped year-over-year.
The price for a newly listed one-bedroom, unfurnished rental unit increased by $11 to $2,381 from $2,370 in September, according to the latest report from liv.rent (see slide two).
However, October's costs are $25 lower than in 2023 when rental prices averaged $2,406 per month in the region.
The report's authors highlight that many experts believe rent and home prices may continue to fall through the end of the year following the Bank of Canada's Sept. 4 announcement to lower the target overnight rate to 4.25 per cent.
"Lowering interest rates combined with measures from the Canadian government to increase housing affordability are possible contributing factors to this price decrease," they remark.
Metro Vancouver apartments for rent: Average rent by listing type
West Vancouver remains Canada's most expensive market to rent a newly listed, one-bedroom unfurnished unit this October with prices averaging $2,907. Costs have increased significantly this month over last, climbing by $142 from $2,765 (see slide three).
North Vancouver has also stayed near the top of the list of the priciest cities, with its units averaging $2,700, up $35 from $2,665 in September.
The city of Vancouver rounds out the top three most expensive markets, with units averaging $2,564 in October.
Burnaby's prices were slightly higher than Richmond's this month, with units averaging $2,426. Richmond rounds out the top five priciest cities, with units averaging only modestly lower at $2,433.
On the other end of the spectrum, Surrey was the only city with prices averaging under $2,000 per month. The average price of a newly listed, one-bedroom unfurnished unit was $1,964 in October.
Langley's rentals only cost slightly more, with units averaging $2,035.
Renters looking for fully-furnished units can find the lowest average prices in one-, two-, and three-bedroom units in Langley (see slide four).
Vancouver rent by neighbourhood in October
Vancouver's most expensive neighbourhood remains West Point Grey/UBC, with newly listed, unfurnished one-bedroom units renting for $2,995, up from $2,986 last month (see slide five).
Downtown Vancouver is the second priciest neighbourhood to rent in, with one-bedroom units averaging $2,775. In September, rentals in the downtown area averaged $2,845.
Fairview had the third priciest market, with its units averaging $2,549.
The same type of unit rents for an average of $2,172 in Vancouver’s cheapest neighbourhood, Sunset-Victoria Fraserview. This price is $823 cheaper than rent in the West Point Grey/UBC area.
