Relief from soaring rent is possible, as some Metro Vancouver areas have prices lower than the regional average.
West Â鶹´«Ã½Ó³»is the most expensive rental housing market in Canada currently, with newly-listed, one-bedroom furnished rental units averaging $2,754 in May. However, these prices averaged hundreds more than the regional average.
Regional rents decreased by $3 from $2,278 in April to , according to the latest report from liv.rent, and they decreased by $92 year-over-year.
West Vancouver, North Vancouver, Richmond, Vancouver, and Burnaby are the most expensive cities in which to rent a newly-listed, unfurnished one-bedroom unit in Canada this month.
Do some Metro Â鶹´«Ã½Ó³»areas have more affordable rental prices?
Renters looking for the cheapest rent will have the best luck again in the Fraser Valley, with Abbotsford's prices for newly-listed, one-bedroom units averaging $1,575 in May. This price is up by only $1 since last month.
Surrey has the most options under $2,000 for renters in Metro Â鶹´«Ã½Ó³»this month. Newton is the city's cheapest option, with rent averaging $1,731, while Fleetwood offers the next best deal, with rents at $1,740. The third-cheapest neighbourhood is Guildford, with rents averaging $1,763 for new units on the market.
Surrey City Centre also had prices averaging under the $2,000 mark, at $1,911, while South Surrey's prices averaged just over it at $2,075.
White Rock's rental prices also averaged close to $2,000, at $2,002 in May.
Langley also had lower-priced rents for prospective tenants this month. Willowbrook's rent prices averaged $1,858 while Willoughby's averaged $1,931.
Unfortunately, renters looking for other affordable options won't have much to choose from. Burnaby had two neighbourhoods with prices averaging just over $2,000. South Slope's rents averaged $2,029 while SFU/Burnaby Heights averaged $2,091.
Vancouver's cheapest neighbourhood was Sunset-Victoria Fraserview, with rents averaging $1,958. Hastings-Sunrise rents averaged right at the $2,000 mark, while Renfrew-Collingwood's prices averaged $2,016. Marpole rents averaged $2,081.
