A new report suggests month-to-month rental prices in New Westminster have dropped dramatically.
liv.rent says the average rent price in August saw an 8.14 per cent decrease for the city, which the data says was the "most notable" month-to-month drop.
A one-bedroom unfurnished rental holds an average of $2,230 in New West; a two-bedroom sits at $2,940 and three-bedroom at $3,900.
A furnished one-bedroom rental, according to liv.rent, averages $2,136 and $3,340 for a two-bedroom unit.
"This month, Metro Vancouver’s average rent prices have fallen and are now lower than in August 2023 by $28," a liv.rent news release said.
"The Bank of Canada’s most recent announcement on July 24 indicated that it would lower the target overnight rate, which has led many to believe that rent and home prices may fall through the remainder of 2024."
The average rent per square foot in New Westminster was $3.67 in August.
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