Canada's most expensive rental market has seen its third consecutive monthly increase this June.
The Metro Vancouver region , which was the last time the region saw a decline in soaring costs. In June, the average cost to rent a has risen by $12 to $2,330, according to the latest report from Liv.rent.
June saw prices for three-bedroom, unfurnished units increase in every Metro Vancouver municipality.
And since June 2022, the average rent for these units has increased by $274 in Metro Vancouver.
In the City of Vancouver, rent now costs an "average of $4.02/sq. ft. per month compared to the region-wide average of $3.06/sq. ft," notes the report.
Metro Vancouver apartments for rent: Average rent by listing type
West Vancouver remains the most expensive city in which to rent in the Lower Mainland. The city has the most expensive unfurnished one-, two-, and three-bedroom units this June.
The City of Vancouver saw also saw prices increase, climbing by $71 from $2,541 to $2,612 for the average one-bedroom, unfurnished unit. Burnaby was the third-priciest market for one-bedrooms, with prices averaging $2,470 for unfurnished units.
While Vancouver has the second-priciest market for one-bedroom rentals, its two-bedroom, unfurnished units cost less than ones in North Vancouver. For a one-bedroom unit in North Vancouver, renters will pay an average of $2,462, which is $150 less than in the city. But for a two-bedroom unit, tenants in Vancouver will pay an average of $3,638 compared to $3,796 in North Vancouver
At the other end of the spectrum, Langley had the least expensive one-bedroom, furnished, and unfurnished units this month, at $1,911 and $1,983, respectively.
Surrey had the least expensive unfurnished two- and three-bedroom units at $2,376 and $3,276.
Vancouver rent by neighbourhood in June
Locals looking to rent an apartment in the City of Vancouver for under $2,000 won't find very many options this month.
Downtown Vancouver has the highest prices, with one-bedroom, unfurnished units averaging $2,741. Several other neighbourhoods feature high average costs, such as $2,659 in Mount Pleasant or $2,608 in Kitsilano.
While Renfew-Collingwood is the cheapest neighbourhood, renters face averages of $2,237 per month for a newly-listed one-bedroom, unfurnished unit in the area.
