Vancouver-based rental platform liv.rent just released its latest rent report, analyzing all rental listings and averaging the asking rents across Metro Vancouver.
Following back-to-back rental increases in April and May, the asking rent for an unfurnished, one-bedroom unit in Vancouver is a whopping $2,541. In Metro Vancouver as a whole region, the average cost of rent for this unit type rose by $55, bringing the average to $2,318.
West Van has the most expensive one-, two-, and three-bedroom units in Metro Vancouver.
From April to May this year, average rent prices for one-bedroom, unfurnished units increased in every city except Burnaby and Coquitlam.
It’s uncertain whether prices will continue to rise throughout 2023 or return to previous levels, but demand is still incredibly high in Canada’s major rental markets.
You can learn more and see the full May rent report from liv.rent.