Vancouver rent prices continue to skyrocket as students begin the start of a new school year.
Metro Vancouver has seen rental prices for a one-bedroom, unfurnished unit increase for the past six consecutive months, with September's eye-watering new average of $2,438 setting a new record for the region and marking the sixth increase, according to the latest report from Liv.rent.
September's average rose $32 from August's regional average of $2,406. Year over year, September's average price has increased by a whopping $191.
For the fifth month in a row, all of Canada's top five most expensive markets to rent are located in Metro Vancouver. While Vancouver continues to be the priciest place to rent a one-bedroom unit, West Vancouver is only $1 behind. North Vancouver had the third-highest average price tag, while Richmond followed in Fourth. Burnaby rounded out the top five.
Metro Vancouver apartments for rent: Average rent by listing type
The City of Vancouver is the priciest place to rent a one-bedroom, unfurnished unit, with prices averaging $2,802 this September. However, this price is slightly lower than the average price for the city last month, when prices climbed to $2,849.
As previously stated, West Vancouver isn't far behind (-$1), with prices for the same units averaging $2,801. North Vancouver rounded out the top three, with its units averaging $2,719. Both of the cities saw an increase in their respective average rent prices this month over last.
Richmond was the fourth most expensive market in Metro Vancouver and across Canada this month despite its average prices dropping overall. One-bedroom units in the region averaged $2,629.
Burnaby rounded out the top five priciest places, with its one-bedroom, unfurnished units averaging $2,536 and also marking an increase in prices for the city.
For the second consecutive month, Langley had the least expensive average rent prices for one-bedroom, furnished, unfurnished units.
Vancouver rent by neighbourhood in September
West Point Grey/UBC has the city's steepest prices this month, with one-bedroom units averaging an eye-watering $3,144.
Downtown Vancouver has the second-highest prices, with units averaging $2,944 in September. Mount Pleasant's units were the third-most costly, averaging $2,812.
Kitsilano was the fourth priciest market, with its units averaging $2,674, while Fairview rounded out the top five with rentals averaging $2,630.