Rent falls 16.6% year over year in Richmond, liv.rent report says

Liv.rent’s October 2026 Rent Report says the average asking rent for an unfurnished one-bedroom in Richmond fell 16.6 per cent year over year, from $2,330 in October 2025 to $1,943. Across the nine Metro Vancouver cities tracked, the average for an unfurnished one-bedroom declined 6.3 per cent, or $140, to $2,083 a month. That average was down 0.12 per cent from September.

Liv.rent said unfurnished one-bedroom asking rents have stayed within a $37 range, from $2,061 to $2,098, since February. The year-over-year gap widened to $140 in October from $86 in September because rents rose in October 2025 while they held steady this year. Richmond’s furnished one-bedroom rents fell 3.97 per cent year over year. The report says Metro Vancouver rents have generally declined over the past few years amid federal efforts to reduce population growth and increased incentives for new purpose-built rental housing to boost supply.

Vancouver had the smallest year-over-year decline in average asking rent for an unfurnished one-bedroom, at 2.6 per cent. Two-bedroom rents rose: unfurnished units increased 5.2 per cent, from $2,970 to $3,125, while furnished units climbed 10.8 per cent, from $3,096 to $3,429. Liv.rent also compared rents across Vancouver neighbourhoods. Among the 16 City of Vancouver neighbourhoods with unfurnished one-bedroom listings this month, West Point Grey/UBC was the most expensive at $2,600 a month, while Sunset-Victoria Fraserview was the most affordable at $1,717.

Despite the declines, Metro Vancouver still includes some of Canada’s most expensive cities to rent in. Liv.rent ranked West Vancouver as the country’s most expensive, followed by North Vancouver and Vancouver; Burlington and Markham, both in Ontario, completed the top five. Average asking rents for unfurnished one-bedrooms were $2,532 in West Vancouver, $2,452 in North Vancouver and $2,329 in Vancouver.