Rental Prices Dip This December Across Metro Vancouver

With rental prices dipping this December across Metro Vancouver, many people feel fortunate for signing a lease during this time. According to recent data, for the first time since July, the average cost of rent has seen a slight dip. This is attributable to an increased supply of rental units in the region, giving tenants more options and more bargaining power when negotiating leases.

Despite overall rent decreasing in Metro Vancouver, two regions, Vancouver and Langley, saw a slight increase of 0.71% and 2.36% respectively. This means that Vancouver continues to be Canada’s most expensive city for renters, with North Vancouver a close second. The price increase in the two regions is a cause for concern among local renters as it signifies a continued rise in rental costs despite the changing market.

Now, the average cost of an unfurnished, one-bedroom unit for rent in Metro Vancouver is $2,227 per month, according to liv.rent.