Highlights of the April 2023 Metro Vancouver Rent Report released by rental listing site @liv.rent:
- Since April 2022, the average rent for an unfurnished, one-bedroom unit in Metro Vancouver has increased by $355, or +18.61%.
- Burnaby had the most expensive rent per square foot in Metro Vancouver this month, at an average cost of $3.88/sq. ft.
- This April, unfurnished one-bedroom units are, on average, $210 less expensive than furnished units likely as a result of increased demand for short-term rentals heading into the summer months.
- West Vancouver had the most expensive two- and three-bedroom, furnished and unfurnished units this April.
- Langley had the least expensive average rent costs for one-bedroom units this April, both furnished and unfurnished.
- This April, four of Canada’s top five most expensive cities to rent in are in Metro Vancouver. West Vancouver is now the country’s most expensive place to rent, with Vancouver in second place this month. North Vancouver and Burnaby also make the list.