If you are struggling to find affordable rent in Metro Vancouver, you are far from alone.
Rental prices across the region have dropped for the second month in a row but Canada's top four priciest-rental markets are still located within it.
Vancouver is the country's priciest market for rental housing, with units averaging $2,587. West Vancouver follows in second, with units averaging $2,584 in rent per month.
North Vancouver has Canada's thirst-most-expensive market, with prices averaging $2,431. Burnaby follows in fourth, with monthly rental prices averaging $2,360.
And despite overall prices decreasing in the Lower Mainland, renters looking for accommodation in the City of Vancouver face steeper costs this month. Prices for one-, two-, and three-bedroom, unfurnished units in the City of Vancouver all increased this month over last.
The average price for an unfurnished one-bedroom unit in the city now sits at a staggering $2,587, while prices across the Lower Mainland average over $300 more, at $2,208.
The cheapest Metro Vancouver neighbourhoods for rental housing in March 2023
While renters don't have many affordable options in the City of Vancouver, there are some cheaper options in other parts of the Lower Mainland. In Abbotsford, for example, an unfurnished, one-bedroom unit averaged $1,502 this month, making it the best market for locals looking to rent on a budget. Prices in the Fraser Valley city also saw a substantial drop this month over last, decreasing by $133 to $1,635.
Langley's Willoughby neighbourhood is another affordable option, with prices averaging $1,807 for unfurnished, one-bedroom units.
Renters who aren't willing to move out to the Fraser Valley can also browse some low-cost options in Surrey, with Guildford units averaging $1,595. Prices in the Surrey City Centre neighbourhood cost under $2,000 this month, averaging $1,984.
Renters hoping to peruse cheaper rent options in South Surrey may be in for a disappointment this month. While it was Surrey's cheapest neighbourhood in February, prices have climbed over $2,000 this month.
Liv.rent doesn't have data available for Surrey's Fleetwood or Newton neighbourhoods, but they typically have more affordable average prices.
Richmond's Golden Village neighbourhood is another economical option for renters this month, with one-bedroom units averaging under $2,000 at $1,986.
Renfrew-Collingwood is the most affordable market in the City of Vancouver, with newly-listed apartments averaging $1,996 in monthly rent this March.
