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Monthly Market Update

Metro Vancouver Rental Market Report — August 2026

Metro Vancouver's August 2026 rental market sees prices climb, with a two-bedroom apartment in North Vancouver reaching a median of $3,200 while more affordable options remain in the Fraser Valley.

Published 8/28/2026

Key Takeaways

  • North Vancouver is the most expensive municipality for renters, with median prices of $2,498 for a one-bedroom and $3,200 for a two-bedroom unit.
  • Langley and Surrey offer the most affordable rents for one and two-bedroom apartments, with one-bedrooms in both cities renting for under $1,800.
  • The rental market is exceptionally tight, with high demand leading to an estimated average of just 15 days on market for a listing across Metro Vancouver.
  • Larger units (3+ bedrooms) are scarce and command premium prices, with three-bedroom homes in Vancouver and North Vancouver costing a median of $4,500 and $4,200, respectively.

Rents Declining in August 2026

5 cities saw month-over-month rent declines:

New Westminster-12.7%Surrey-8.2%Burnaby-7.8%Langley-2.6%Coquitlam-0.8%

Metro Vancouver Comparison — August 2026

City / Zone1-Bed Avg2-Bed AvgMoM$/Sq FtListingsDoM
Vancouver$2,154$2,990+3.9%$5.2511412
North Vancouver$2,498$3,200+0.2%$5.0561611
Burnaby$2,285$2,357-7.8%$4.806014
Richmond$2,1500.0%$4.701115
Surrey$1,765$2,350-8.2%$3.953319
Langley$1,754$2,344-2.6%$3.805920
Coquitlam$2,195$2,704-0.8%$4.504016
New Westminster$1,925$2,750-12.7%$4.402615
Delta$1,800$2,250$3.901418

City-by-City Deep Dive

Vancouver

As the region's core, Vancouver sees intense competition for rentals. The median rent for a one-bedroom is $2,154, while a two-bedroom is $2,990. Larger family-sized units are extremely rare and expensive, with a three-bedroom median price of $4,500.

UnitUnfurnishedFurnished
Studio$1,959
1BR$2,154
2BR$2,990
3BR$4,500
4BR+$6,800

Most expensive: 4-Bedroom: $6,800 · Most affordable: Studio: $1,959

North Vancouver

North Vancouver is currently the most expensive rental market in Metro Vancouver based on this data. Median rent for a two-bedroom unit is $3,200. A notable segment of ultra-luxury properties exists, evidenced by a median price of $21,292 for five-bedroom homes based on a sample of 15 listings.

UnitUnfurnishedFurnished
Studio$2,070
1BR$2,498
2BR$3,200
3BR$4,200
4BR+$7,500

Most expensive: 5-Bedroom: $21,292 · Most affordable: Studio: $2,070

Burnaby

Burnaby offers a central location with rents slightly below Vancouver core prices. A one-bedroom has a median rent of $2,285 and a two-bedroom is $2,357. The price per square foot remains high due to the prevalence of newer concrete towers near transit hubs.

UnitUnfurnishedFurnished
Studio$1,985
1BR$2,285
2BR$2,357
3BR$3,048
4BR+$7,000

Most expensive: 6-Bedroom: $7,000 · Most affordable: Studio: $1,985

Surrey

Surrey provides some of the most affordable rental options in the region. A one-bedroom apartment is priced at a median of $1,765, while a two-bedroom is $2,350. It represents a key area for renters seeking more space and lower costs compared to municipalities closer to Vancouver.

UnitUnfurnishedFurnished
Studio$1,585
1BR$1,765
2BR$2,350
3BR$2,980
4BR+

Most expensive: 3-Bedroom: $2,980 · Most affordable: Studio: $1,585

Richmond

Richmond's rental data shows a median price of $2,150 for a one-bedroom apartment. Data for larger units was limited in this snapshot, but the city remains a popular, transit-connected alternative to Vancouver.

UnitUnfurnishedFurnished
Studio$1,750
1BR$2,150
2BR$2,700
3BR
4BR+

Most expensive: 2-Bedroom: $2,700 · Most affordable: Studio: $1,750

Coquitlam

As the hub of the Tri-Cities, Coquitlam's rental market is competitive. One-bedroom units have a median rent of $2,195 and two-bedrooms are $2,704. Proximity to the SkyTrain's Evergreen Extension keeps demand steady.

UnitUnfurnishedFurnished
Studio$1,750
1BR$2,195
2BR$2,704
3BR$3,350
4BR+$4,700

Most expensive: 4-Bedroom: $4,700 · Most affordable: Studio: $1,750

Langley

Along with Surrey, Langley is a leader in affordability. The median rent for a one-bedroom is $1,754, the lowest in the region for this unit type. Two-bedroom units are also comparatively affordable at $2,344.

UnitUnfurnishedFurnished
Studio
1BR$1,754
2BR$2,344
3BR$3,485
4BR+$3,500

Most expensive: 4-Bedroom: $3,500 · Most affordable: 1-Bedroom: $1,754

New Westminster

New Westminster's central location and excellent transit access create strong demand. One-bedroom units are renting for a median of $1,925, while two-bedrooms command $2,750, placing it in the mid-range of Metro Vancouver prices.

UnitUnfurnishedFurnished
Studio$1,825
1BR$1,925
2BR$2,750
3BR$3,590
4BR+

Most expensive: 3-Bedroom: $3,590 · Most affordable: Studio: $1,825

West Vancouver

Data for West Vancouver was limited but points to a high-end market, particularly for larger homes. A three-bedroom unit had a median rent of $7,500 based on the available listings. It is known as one of Canada's most affluent communities.

UnitUnfurnishedFurnished
Studio
1BR$2,150
2BR$2,950
3BR$7,500
4BR+$6,980

Most expensive: 3-Bedroom: $7,500 · Most affordable: 1-Bedroom: $2,150

Port Coquitlam

Port Coquitlam offers slightly more affordable options than Coquitlam Centre. A one-bedroom apartment rents for a median of $2,025. Data for two-bedroom units showed a median of $2,898, though based on a small sample size.

UnitUnfurnishedFurnished
Studio
1BR$2,025
2BR$2,898
3BR
4BR+

Most expensive: 2-Bedroom: $2,898 · Most affordable: 1-Bedroom: $2,025

Port Moody

Data for Port Moody was extremely limited in this month's snapshot, with only one listing for a two-bedroom at $3,495. The city is highly desirable due to its waterfront setting and transit links, suggesting prices are generally in the upper-mid range for the region.

UnitUnfurnishedFurnished
Studio
1BR
2BR$3,495
3BR
4BR+

Most expensive: 2-Bedroom: $3,495 · Most affordable: 2-Bedroom: $3,495

Abbotsford

No rental listings data for Abbotsford was available in the RentMe snapshot for August 2026. Abbotsford typically serves as a more affordable market outside the core Metro Vancouver area.

UnitUnfurnishedFurnished
Studio
1BR
2BR
3BR
4BR+

Most expensive: N/A · Most affordable: N/A

Supply Drivers

Rental supply remains critically low across Metro Vancouver. High population growth and persistent high interest rates are keeping potential homebuyers in the rental market, increasing demand. While new purpose-built rentals are under construction, completion rates are not yet sufficient to offset the demand, keeping vacancy rates near historic lows.

For Renters

The August market is highly competitive. Renters must be prepared to act decisively. Have references, credit checks, and deposits ready when viewing a property. To find more affordable options or larger spaces, consider expanding your search to municipalities south of the Fraser River, such as Surrey, Delta, and Langley.

For Landlords

Market conditions are exceptionally strong for landlords. Demand is high, leading to minimal vacancy periods and the ability to command premium rents, especially for well-maintained units in desirable locations. With units renting in approximately two weeks on average, now is an optimal time to list any available property.

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