In May 2024, Metro Vancouver saw a slight uptick in the average rent for an unfurnished one-bedroom unit, rising by 2.11% year-over-year to $2,367, while furnished units experienced a 1.41% increase since January. Notably, the market trended towards one-bedroom units which now constitute 43.86% of active listings, marking a 7.86% increase from May 2023. Partial house listings also surged, representing 16.11% of active listings compared to 7.15% the previous year.

West Vancouver boasted the highest average rent prices for unfurnished units, with an average of $2,770 for one-bedrooms and $3,694 for two-bedroom. New Westminster and Langley saw the largest month-over-month increases in unfurnished unit rents, rising by 2.11% and 1.46% respectively. Surrey, Langley, and Coquitlam offered the best bang for your buck, with average rents per square foot decreasing by 3.79%, 1.46%, and 1.63% respectively. The most expensive cities per square footage were Vancouver, Burnaby, and North Vancouver.

Although average rent prices slightly decreased month-over-month in May, returning to January levels, four out of the five most expensive cities located in Metro Vancouver. Rental affordability remains a concern with renters allocating an average of 52.75% of their income to rent, far exceeding the recommended budget of 30%. Click here to view the full report by liv.rent.