Monthly Rental Market Report – November 2023

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The average rent prices in Metro Vancouver have experienced a notable downward trend for the past two consecutive months. In November, the average monthly rent price for an unfurnished one-bedroom unit witnessed a significant decrease of $44, resulting in a new average of $2,362. It is interesting to note that when comparing this year’s average rate to that of November 2022, the difference for a one-bedroom, unfurnished unit is only $45 higher.

As of November 2023, the least expensive cities for square footage are Coquitlam, Langley, Richmond, and Surrey while the most expensive cities for square footage are Vancouver, Burnaby, and New Westminster.