Metro Vancouver Rental Guide 2025: Vancouver vs Burnaby vs Surrey – Neighborhood Price Analysis

Bottom Line Up Front: Surrey offers the most affordable rental options in Metro Vancouver, with average one-bedroom rents around $1,846, while Vancouver remains the most expensive at $2,421, and Burnaby sits in the middle at $2,289. All three cities have seen rental prices decline year-over-year, creating opportunities for renters in 2025.

Market Overview: The State of Metro Vancouver Rentals in 2025

The Metro Vancouver rental market has undergone significant changes in 2025, with rental prices declining across the region for the second consecutive year. The average rent for an unfurnished one-bedroom unit in Metro Vancouver stands at approximately $2,232 as of July 2025, representing a $129 decrease year-over-year.

Key Market Factors Driving 2025 Trends:

• Bank of Canada’s target overnight rate maintained at 2.75%
• New restrictions on short-term rentals implemented in May 2024, increasing long-term rental supply
• Low vacancy rates averaging 0.9% in 2023, though showing signs of improvement
• Increased rental construction completion adding to supply

Looking for apartments for rent in Canada? This comprehensive guide will help you navigate the three major Metro Vancouver rental markets.

Vancouver: The Premium Market

Current Rental Prices (July 2025)

Vancouver remains Metro Vancouver’s most expensive rental market, though prices have moderated from their peaks:

Average Monthly Rents:

• One-bedroom unfurnished: $2,421 (down from $2,436 in June)
• Two-bedroom unfurnished: $3,400+ (estimated based on market data)
• Studio apartments: $1,900-$2,200

Vancouver rounded out the top three priciest places, with prices for its one-bedroom units dropping from $2,436 in June to $2,421 in July. Despite the decline, Vancouver consistently ranks among Canada’s top five most expensive rental markets.

Best Value Neighborhoods in Vancouver

Hastings-Sunrise emerges as Vancouver’s most budget-friendly option:

• One-bedroom unfurnished units average $1,940
• Good transit connections via SkyTrain
• Growing arts and culture scene
• Access to Burnaby Heights amenities

Sunset-Victoria Fraserview offers additional savings:

• Average rents of $1,976 for one-bedroom units, creating a $806/month difference compared to Downtown Vancouver’s $2,782
• Family-friendly neighborhood with parks
• More affordable than central Vancouver locations

Most Expensive Areas to Avoid:

• Downtown Vancouver: $2,782/month for one-bedroom unfurnished
• West End: Premium waterfront pricing
• Yaletown: Luxury building concentrations

Why Choose Vancouver

Pros:

• Extensive public transit network (SkyTrain, bus rapid transit)
• Walkable neighborhoods with urban amenities
• Cultural attractions, dining, and entertainment
• Proximity to beaches and mountains
• Major employment centers

Cons:

• Highest rental costs in the region
• Limited parking and high parking fees
• Higher cost of living overall
• Competitive rental market

Income Requirements: With average rents of C$2,304/month, you’ll want to make about C$7,680 per month or C$92,160 per year to comfortably afford Vancouver rentals.

Burnaby: The Middle Ground

Current Rental Prices (July 2025)

Burnaby provides a compelling middle option between Vancouver’s premium pricing and Surrey’s budget-friendly rates:

Average Monthly Rents:

• One-bedroom unfurnished: $2,289 (up from $2,249 in June)
• Two-bedroom unfurnished: $2,900-$3,200
• Three-bedroom unfurnished: $3,500+

Rentals.ca says Burnaby BC’s rental price average still make it the second most expensive rental market in Canada, though rental prices are continuing to fall, with one-bedroom rentals averaging $2,367 in February, a 3.6% drop compared to February 2024.

Market Dynamics in Burnaby

Recent Trends:

• Average rent decreased by 2.5% year-over-year, averaging out to C$51 less per month
• Burnaby experienced a 9.5% annual decline in apartment rents
• Strong rental supply from new high-rise developments

Best Value Areas:

• Metrotown: Central location with SkyTrain access, though premium pricing
• Brentwood: Growing area with new developments
• Edmonds: More affordable with good transit connections
• Capitol Hill: Residential feel with reasonable pricing

Why Choose Burnaby

Pros:

• Excellent value proposition with rent ranging from C$1,875 to C$3,240 depending on location and size
• Multiple SkyTrain stations throughout the city
• Major shopping centers (Metrotown, Brentwood)
• Simon Fraser University campus
• Balance of urban amenities and suburban feel
• Shorter commute to Vancouver than Surrey

Cons:

• Still significantly more expensive than Surrey
• Heavy traffic on major arteries
• Some areas lack walkability
• Limited nightlife compared to Vancouver

Income Requirements: With average rent at C$2,028, you’ll want to make about C$6,760 per month or C$81,120 per year.

Surrey: The Affordable Choice

Current Rental Prices (July 2025)

Surrey stands out as Metro Vancouver’s most affordable major rental market:

Average Monthly Rents:

• One-bedroom unfurnished: $1,846
• Two-bedroom unfurnished: $2,311
• Three-bedroom unfurnished: $3,089

Surrey continues to offer the most affordable rent for all types of unfurnished units, with one-bedroom units averaging $1,846, two-bedroom units averaging $2,311, and three-bedroom units averaging $3,089.

Best Neighborhoods for Value

Newton – The Most Affordable:

• Rent averaging $1,731 for one-bedroom units
• Growing Indo-Canadian community
• Improving amenities and safety

Fleetwood – Second Most Affordable:

• Rents at $1,740 for one-bedroom units
• Fleetwood’s rental prices averaged under $1,800, at $1,777 in July
• Family-oriented neighborhood
• Good schools and parks

Guildford – Balance of Affordability and Amenities:

• Prices averaging $1,768 for one-bedroom units
• Major shopping center (Guildford Town Centre)
• SkyTrain extension coming (projected completion)

Surrey City Centre – Urban Living:

• Prices averaged $1,856
• High-rise development hub
• Transit-oriented community
• Growing business district

South Surrey – Premium Surrey:

• Prices at $2,014
• Known for luxury homes, excellent schools, and family-friendly environment
• Close to White Rock beach
• Higher-end but still affordable compared to Vancouver/Burnaby

Market Performance

In the past year, rent has decreased by 5.8%, which averages out to C$101 less per month. Surrey shows a significant 16% decrease compared to the previous year, making it an excellent time for renters to find deals.

Why Choose Surrey

Pros:

• Most affordable option with rent ranging from C$1,689 to C$2,937
• Rapid transit expansion (SkyTrain extensions)
• Growing population and improving amenities
• Family-friendly communities
• More space for your money
• Diverse cultural communities
• Investment opportunities as a prime location for rental properties

Cons:

• Longer commute to Vancouver core
• Some areas still developing urban amenities
• Car dependency in many neighborhoods
• Perception issues (though rapidly improving)

Income Requirements: With average rent at C$1,743, you’ll want to make about C$5,810 per month or C$69,720 per year.

Comparative Analysis: Making the Right Choice

Monthly Cost Comparison (One-Bedroom Unfurnished)

City	Average Rent	Year-over-Year Change	Income Required
Vancouver	$2,421	-$15	$96,840/year
Burnaby	$2,289	-$78	$91,560/year
Surrey	$1,846	-$101	$73,840/year

Transportation Considerations

Vancouver: Excellent walkability and transit, minimal car needs Burnaby: Good SkyTrain access, some areas car-dependent Surrey: Improving transit, currently car-recommended

Lifestyle Factors

Urban Amenities: Vancouver > Burnaby > Surrey Value for Money: Surrey > Burnaby > Vancouver
Family Suitability: Surrey > Burnaby > Vancouver Commute to Downtown: Vancouver > Burnaby > Surrey

2025 Market Predictions and Trends

Supply and Demand Factors

We expect more vacancies in the rental market as lower immigration reduces demand while large amounts of inventory come online. This trend particularly benefits renters in all three markets.

Key Developments:

• New condominium pricing in Surrey and Burnaby will see some support after quarters of climbing unsold inventory
• Increased rental apartment construction
• Short-term rental restrictions increasing long-term supply

Interest Rate Impact

With the Bank of Canada maintaining lower interest rates, rent and home prices may continue to fall through 2025, creating opportunities for renters to negotiate better deals or find upgraded accommodations within their budget.

Regional Growth Patterns

Surrey’s growing population and rising demand for homes continue to drive market interest, while Vancouver and Burnaby maintain their established markets with slight price corrections.

Tips for Renters in 2025

Negotiation Strategies

Current Market Conditions Favor Renters:

• Furnished units rented for less than unfurnished ones in five of nine Metro Vancouver cities, indicating unusual market conditions
• Increased inventory provides more options
• Year-over-year price declines create negotiation opportunities

Seasonal Considerations

Best Times to Hunt:

• Late fall and winter typically offer better deals
• Early spring sees increased competition
• Summer months have higher rental activity

What to Look For

In Surrey: Check proximity to future SkyTrain stations In Burnaby: Focus on SkyTrain-accessible areas for best value In Vancouver: Consider slightly less central neighborhoods for significant savings

Conclusion: Finding Your Perfect Metro Vancouver Rental

The 2025 Metro Vancouver rental market offers distinct advantages depending on your priorities:

Choose Surrey if: You prioritize affordability, space, and don’t mind a longer commute to Vancouver. With average one-bedroom rents at $1,846 and year-over-year decreases of 5.8%, Surrey provides exceptional value.

Choose Burnaby if: You want a balance between affordability and urban amenities, with good transit access. At $2,289 average rent, you get more space than Vancouver while maintaining reasonable access to the city.

Choose Vancouver if: You prioritize walkability, urban lifestyle, and minimal commute times, and can afford premium pricing. Despite being the most expensive at $2,421 average rent, Vancouver offers unmatched urban amenities.

Market Outlook: 2025 will see things settling down following a handful of more turbulent years, with economists predicting a “balanced market”. This creates excellent opportunities for renters to find quality accommodations at relatively stable prices.

For personalized rental searches and the latest listings across all three markets, explore RentSeeker.ca’s comprehensive database to find your perfect Metro Vancouver home.

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Data sources: liv.rent monthly reports, Rentals.ca National Rent Report, CMHC market surveys, and local real estate boards. Rental prices are averages and may vary significantly by specific location, building quality, and market timing. Always verify current pricing directly with landlords or property managers.