Metro Vancouver's average rent prices increased in February after decreasing for the previous three consecutive months.
Rental prices for a newly-listed unfurnished, one-bedroom apartment increased by a modest $4 to $2,297 in February, according to the latest report from liv.rent which was issued near the end of the month (see slide two). In January, prices had decreased by $4 to $2,293, according to the data.
While overall prices increased slightly last month, the report's authors note that the Bank of Canada’s Jan. 29 announcement that it would lower the target overnight rate to 3 per cent has led many to believe that rent prices may continue to fall through 2025.
Since February 2024, the region's average rate for an unfurnished one-bedroom unit has decreased by $82.
Four of Canada's top five most expensive cities were located in Metro Vancouver in February, with Markham, Ontario rounding out the top five priciest places. It's unfurnished, one-bedroom units averaged $2,295 in February.
Metro Vancouver apartments for rent: Average rent by listing type
West Vancouver remained the most expensive city in which to rent a newly-listed, one-bedroom unfurnished unit in the Lower Mainland in February with prices averaging $2,725, down $46 from $2,771 in January (see slide three). It is also the most expensive market to rent these units in the Great White North.
West Vancouver was also the priciest city in which to rent a two- or three-bedroom unfurnished apartment, with costs averaging $2,586 and $4,736, respectively.
North Vancouver was the second-most expensive city in which to rent a one-bedroom, unfurnished unit in the region, with prices averaging $2,572, up $20 from the month before.
The City of Vancouver rounded out the top three priciest cities this February, with its units averaging $2,468 (down $22 from $2,468).
Richmond and Burnaby were the fourth and fifth most expensive markets for newly-listed rental units in February 2025, with rents averaging $2,337 and $2,251, respectively.
On the other end of the spectrum, Surrey offered the best value for renters looking for cheaper one-bedroom unfurnished units, with prices averaging $1,912. Langley's average prices were only slightly higher at $2,071.
Folks looking for the lowest prices for two-bedroom units should also check out Langley, which had the cheapest average price at $2,396 last month. Surrey had the cheapest options for three-bedroom units, with rents averaging $2,983.
Liv.rent notes that one-bedroom furnished units rent for an average of roughly $79 more than unfurnished ones in February (see slide four).
Vancouver rent by neighbourhood in January
Downtown Vancouver was the city’s most expensive neighbourhood this February, with an unfurnished one-bedroom unit renting for an average of $2,706 (see slide five).
West Point Grey/UBC was the second priciest area, with costs averaging $2,566, while Mount Pleasant was the third-priciest neighbourhood at $2,559.
Renters looking for cheaper options found the lowest prices in Sunset-Victoria Fraserview, with prices averaging $1,970 or a difference of $736 from Downtown Vancouver.
