Rent prices in Metro Vancouver have risen again for the fourth month in a row.
As temperatures rise in the region, the average monthly rental price for a one-bedroom, unfurnished apartment rose $51 from $2,330 in June to $2,381, according to the latest report from Liv.rent.
Rental prices in the Lower Mainland have increased year over year, with the average price in July 2023 increasing by $352 since July 2022.
Liv.rent suspects that Metro Vancouver may see its costs continue to rise over the summer as increased demand for rental housing drives up prices, especially as students head back to school. in September.
The top five most expensive markets in Canada to rent this month are in Metro Vancouver, too.
Metro Vancouver apartments for rent: Average rent by listing type
West Vancouver is the largest city to rent an unfurnished, one-bedroom apartment in the region this summer, with prices averaging $2,910 per month. It’s also the most expensive place to rent two- and three-bedroom units, with prices averaging $4,212 and $5,691 per month, respectively.
North Vancouver has the second most expensive rental market, with unfurnished one-bedroom units averaging a hundred dollars less, at $2,702 a month. The City of Vancouver is not far behind, however, with newly listed units averaging $2,691 per month in rent.
Richmond has the fourth most expensive unfurnished, one-bedroom units, with monthly rental prices averaging $2,525. Burnaby rounded out the top five most expensive cities, with its units averaging $2,403.
For furnished apartments, North Vancouver is the most expensive place to rent a bedroom, with prices for the complete package averaging $3,293. Two-bedroom furnished units are the most expensive in the City of Vancouver, with prices averaging $4,409 a month.
West Vancouver is the most expensive place to rent a furnished, three-bedroom apartment by a surprising margin. Prices averaged $7,612, which was $1,708 more than the next most expensive market, North Vancouver.
Vancouver rents in the neighborhood in July
Renters looking for new places to live will be hard pressed to find options under $2,000 again this month.
Renfrew-Collingwood offers the best bang for a tenant’s buck this month, with prices averaging $2,331 monthly rent for one-bedroom, unfurnished units. Dunbar-Arbutus offers the next best rental option, with prices averaging $2,623.
At the other end of the spectrum, renters looking to live in Downtown Vancouver faced monthly rents averaging $2,928 for a one-bedroom, unfurnished unit this July.