Rental Market Report - April 2026

April 2026 rental data highlights continued softening across Metro Vancouver’s rental market, with elevated inventory levels and moderating demand shaping current conditions.

This report reviews key trends across Downtown Vancouver, Burnaby Brentwood, Richmond West Cambie, and Surrey City Centre, providing insight into inventory levels, rental pricing, and overall market positioning.

Active Rental Listings

Active rental listings remain elevated across Metro Vancouver in April 2026, continuing a trend seen over the past several months. Apartments dominate the market, accounting for approximately 66.81% of all active listings, followed by partial houses at 18.73% and full houses at 8.70%.

By unit type, one-bedroom units make up the largest share of available inventory at 46.08%, with two-bedroom units close behind at 43.60% and three-bedroom units representing 10.33%.

This high concentration of smaller units has increased competition within the one-bedroom segment in particular, contributing to longer leasing timelines and greater negotiating flexibility for renters.

Average Rental Rates by Bedroom Type

Rental rates across Metro Vancouver continue to show downward pressure year over year, particularly in core Vancouver neighborhoods. Unfurnished one-bedroom units saw some of the most significant declines, with Downtown Vancouver decreasing from $2,718 to $2,387 per month, a 12% drop, while the West End declined from $2,575 to $2,396, down 7%.

In Burnaby, key submarkets such as Brentwood and Metrotown are beginning to stabilize.

Brentwood’s one-bedroom rents held steady at $2,187 per month, while Metrotown remained relatively unchanged at $2,164. However, two-bedroom units in these areas are still priced below 2025 levels, indicating incomplete recovery.

More affordable markets continue to offer lower price points, with Surrey City Centre declining from $1,903 to $1,707 per month, a 10% decrease, and Abbotsford decreasing from $1,576 to $1,514.

Across the region, the average rent for an unfurnished one-bedroom unit now sits at $2,090 per month. While this reflects a slight monthly increase, it remains significantly lower than April 2025 levels, highlighting the broader cooling trend.

Rental Price Per Square Foot

Rental price per square foot continues to decline, reflecting overall softening in market conditions. As of April 2026, the average rent across Metro Vancouver sits at approximately $2.90 per square foot.

Vancouver remains the most expensive market at $4.05 per square foot, followed by Burnaby at $3.44. More affordable options can be found in Surrey at $2.05 per square foot, Langley at $2.63, and Richmond at $2.68.

This metric highlights the pricing gap between central and suburban markets, while also reinforcing the broader trend of easing rental values across the region.

The April 2026 Rental Market Report highlights a continued shift toward more balanced rental conditions across Metro Vancouver. Elevated inventory levels, combined with moderating demand, have contributed to declining rental rates and improved choice for renters. While the market remains one of the most expensive in Canada, current conditions provide greater flexibility for tenants and require more strategic positioning from landlords.

These insights are designed to support informed leasing decisions, whether you are comparing unit types, evaluating value between cities, or monitoring broader rental trends.

Check back next month for our May 2026 Market Report. If you have any questions, feel free to reach out!