Vancouver Rental Market Discussion

[whatnext]

Originally Posted by Pinion

I was looking at new condos this weekend and can't believe the shit people are buying these days. e.g. no exterior windows on a "one bedroom," just a glorified studio partition. Every time we start to get tired of our dated common area decor all we have to do is remember our bedroom is twice the size of anything built since 1995, we have a real dining room, and a living room that can comfortably fit two big couches. Can't imagine what finding a rental is like, although it would be easier at your budget.

I've been out there looking as well. Klazu you are fortunate to be able to be out looking to rent as you have the luxury of shopping around. If you're buying, particularly SFH or a townhouse you pretty much have to get your offer in right after the open house, and there are multiple bids.

[Klazu]

Thank God it is now over and we are out! The move-out was starting to become a neverending nightmare that just went on and on. The move-out inspection today was ridiculously hard and us having spent all Sunday cleaning places was not enough. Their requirement for this 14-year-old suite was it to be spotless and like new. Nothing less would do if we would like to be getting back our full deposit. We didn't want to give them a single penny extra, we did what was asked and it is now finally all done and keys have been returned.

During the inspection we also had the chance to catch up with the rental agent one more time. She was still telling how nice it would be for us to still return, but we don't want to have anything to do with them going forward.

It seems that 2.5 months on the market without any success has not discouraged them and they still think they can rent it out for big bucks. I just wonder how delusional they have to be to still think they will be able to rent it for the same ask price, although everything we warned them about has happened. The unit is empty now on and I doubt it will help that they will re-paint the walls. That was the minimum they could do, as last re-painting must have happened more than 5 years ago, likely even earlier. At least we didn't have to pay for it (which would have been totally wrong).

Some numbers to crunch. We were paying $3575/month for this suite, which was a fair price back in 2012 and we don't deny that prices have gone up since then. But their their ask was $4800 (+34,3%) from which they were prepared to come down to $4400 (+23,1%). We were ready to meet them at $4100 (+14,7%) which would have already been a quite stetch for us, but to no avail. They just kept asking more money in every single email without coming down themselves.

As per the agent "the real rental value" of this suite is $5000-5500 (+53,8%), but the landlord is so reasonable person that they are not asking that. That's of course a load of bull and we know the real value being around $4000 for suites in similar conditions, but it goes to tell how delusional they are. For that price there are already so many other options to consider that an old suite like this is just not attractive, but they seem not to understand this. As a result the suite will be empty possibly for a long period of time and they will start losing money already from June onwards. That is quite funny considering that it is all about money and maximum ROI to them and the quality of tenants or how often they will change seemed never to be any value for them.

The whole thing left a really bad taste and we don't even want to think about dealing with them ever again. The rental agent is completely clueless and and the landlord is simply greedy. They will also not go for anything else than 1 year fixed-term contract with the move-out clause, so the tenant will annually be on the hook for significant rent increases that do not follow provincial guidelines.

We don't want that kind of situation anymore and will stay away from them. If you are interested in this 45th floor suite, be aware that you will be dealing with very difficult people. The building itself is very nice and I am proud having lived there for 3 years, but it's time for something different.

Anyways, it is now over for us, but unfortunately the search will continue during this summer. I hope at the end of the day it all pays off and we find something better than what we used to have. Until then, our temporary home is a cheap 32nd floor furnished shoebox in Yaletown. EOM

[nds88]

Originally Posted by Klazu

...The move-out inspection today was ridiculously hard and us having spent all Sunday cleaning places was not enough. Their requirement for this 14-year-old suite was it to be spotless and like new. Nothing less would do if we would like to be getting back our full deposit. We didn't want to give them a single penny extra, we did what was asked and it is now finally all done and keys have been returned....

Reasonable wear and tear is allowed. A few nicks here and there, holes from pictures etc should not be charged for. Did you receive the place in brand new condition, even though it was a decade old when you got it? Was it spotless when you received it? A unit will never be returned in the same condition it was received, and they can't charge for normal wear and tear.

[Klazu]

Originally Posted by nds88

Reasonable wear and tear is allowed. A few nicks here and there, holes from pictures etc should not be charged for. Did you receive the place in brand new condition, even though it was a decade old when you got it? Was it spotless when you received it? A unit will never be returned in the same condition it was received, and they can't charge for normal wear and tear.

The previous tenants were evicted and I barely remember them having vacuumed the place. It was dirty and we had to clean it before moving in. Quite a contrast to us spending a full day cleaning it. I think the agent just wanted to be an a-hole and deduct whatever she could from our deposit, but we didn't give her a penny. I am expecting our full deposit cheque being mailed to us in the next few days.

We really cared for the place as it would have been our own. It is actually quite funny how there was lots of wear and tear on the floors and doors from previous tenants, but during our 3 year tenancy I cannot recall us causing any major damage to the suite. They truly lost some great tenants with us, but it will take some time for them to realize this.

[NewfBC]

Remember - they have 15 days to return the deposit. If they do not, the penalty is 100%, they have to pay you double.


Ron.

[Klazu]

Originally Posted by Klazu

It seems that 2.5 months on the market without any success has not discouraged them and they still think they can rent it out for big bucks. I just wonder how delusional they have to be to still think they will be able to rent it for the same ask price, although everything we warned them about has happened. The unit is empty now on and I doubt it will help that they will re-paint the walls.

While we won't be going back to this landlord anymore, it is still funny to see the suite being constantly re-listed on Craigslist for the very same price. Considering that it is end of the month, it begins to be sure that nobody will be moving in on June 1st, meaning the suite will be empty for another month.

That means they will have already lost $8,200 in rental income and with re-painting the walls they are likely close to $10,000 down in comparison to having kept us as their tenants. It will take them close to two years to just re-gain that money and this is only in case they manage to rent out the suite for the price they are asking. It has now been on the market for more than 3 months and to no avail.

I wonder when the owner will be willing to admit to herselft that she has made a big mistake with the value assessment of her investment. I also wonder when she will try a different rental agency, as this one seems totally incompetent.

I just hope she won't go sitting on it hoping to turn profit when selling. Values in One Wall Centre have not been going up quickly, if at all, so they will be spending A LOT more money on it before being able to sell it for profit. I can't help but feel a bit amused seing all of this.

[whatnext]

Take pleasure in karma biting them in the ass!

[Vin]

Originally Posted by Klazu

While we won't be going back to this landlord anymore, it is still funny to see the suite being constantly re-listed on Craigslist for the very same price. Considering that it is end of the month, it begins to be sure that nobody will be moving in on June 1st, meaning the suite will be empty for another month.

That means they will have already lost $8,200 in rental income and with re-painting the walls they are likely close to $10,000 down in comparison to having kept us as their tenants. It will take them close to two years to just re-gain that money and this is only in case they manage to rent out the suite for the price they are asking. It has now been on the market for more than 3 months and to no avail.

I wonder when the owner will be willing to admit to herselft that she has made a big mistake with the value assessment of her investment. I also wonder when she will try a different rental agency, as this one seems totally incompetent.

I just hope she won't go sitting on it hoping to turn profit when selling. Values in One Wall Centre have not been going up quickly, if at all, so they will be spending A LOT more money on it before being able to sell it for profit. I can't help but feel a bit amused seing all of this.

Penny-wise, pound foolish indeed for that greedy landlord!

By the way, regarding the building you are in now, were the leaks mostly due to bad installation of the plumbing works or were they because of accidents from owners/tenants? If they were due to bad plumbing fixtures done during construction, shouldn't the strata's insurance be covering the damages caused and not the owners? I think that is stipulated by the province, but not sure if strata bylaws would trump that.

[Klazu]

Originally Posted by Vin

By the way, regarding the building you are in now, were the leaks mostly due to bad installation of the plumbing works or were they because of accidents from owners/tenants?

I don't know, as I only have second hand information on them. But interestingly enough during the 3 weeks we have been living in The Max, there has already been two building-wide water shut-offs for some repair work. Sounds liket there is something wrong with the plumbing as well. I would not buy in this building.

[Jebby]

Originally Posted by Klazu

That means they will have already lost $8,200 in rental income and with re-painting the walls they are likely close to $10,000 down in comparison to having kept us as their tenants. It will take them close to two years to just re-gain that money and this is only in case they manage to rent out the suite for the price they are asking. It has now been on the market for more than 3 months and to no avail.

Not to mention the fact that they're paying stata fees on an empty apartment.

[st7860]

Originally Posted by Jebby

Not to mention the fact that they're paying stata fees on an empty apartment.

My take on this is that they simply do not care. $8000 is a large amount, however in my experience landlords do not care too much about money. What i mean by not care is that they have a tendency to think 'mine!' and do things that may actually cause them to be liable or lose money. Also, for sure this landlord is nasty, but it is possible to apply for a 30% increase if they have proof the existing rent is below the market rate.

[WarrenC12]

Originally Posted by st7860

My take on this is that they simply do not care. $8000 is a large amount, however in my experience landlords do not care too much about money. What i mean by not care is that they have a tendency to think 'mine!' and do things that may actually cause them to be liable or lose money. Also, for sure this landlord is nasty, but it is possible to apply for a 30% increase if they have proof the existing rent is below the market rate.

Speaking as a landlord, these people are greedy idiots.

If this level of cashflow isn't important to them, then why not lower the rent?

By asking for the higher range of what you are offering, you're asking for terrible tenants (who haven't been accepted anywhere else).

I always ask just a little below market values. Then I get my pick of tenants, and my rental is always occupied. This should work in any area at any price point.

[Klazu]

Originally Posted by Klazu

Some numbers to crunch. We were paying $3575/month for this suite, which was a fair price back in 2012 and we don't deny that prices have gone up since then. But their their ask was $4800

As a sign of times and greed of some landlords in this city, I recently noticed another One Wall Centre unit being put up on Craigslist. Same 1600 sqft size on upper floors, but facing the more boring south direction. And what was the asking price? $6500 unfurnished or $8800 with their worthless piece-of-shit furniture!! As I recall it, the unit looked like it was in the original condition i.e 14 years old decor.

That's nothing but outrageous and simply a landlord gone crazy with greed. I hope he gets bruned badly.

[WarrenC12]

...and keep taking great pictures!

Too bad about the old place. Some people have unrealistic expectations and there's little you can do to change their mind. They simply don't operate in reality.

Sorry that you didn't find your final home yet. Can I ask what building you're in?

[Klazu]

Originally Posted by Homeowner

Now that you are not under pressure to find a place, just take your time and find the right one.

Yep, this is definitely a relief and we are saving a bucket load of money every passing month. Still, I would love to move to a great place in July or August.

Originally Posted by WarrenC12

Sorry that you didn't find your final home yet. Can I ask what building you're in?

You will have to guess once I post some photos in the future.

[trofirhen]

Originally Posted by Klazu

1: Yep, this is definitely a relief and we are saving a bucket load of money every passing month. Still, I would love to move to a great place in July or August.

2: You will have to guess once I post some photos in the future.

>>> ... if I may ask, what would your ideal place be a bit like? Highrise? A townhouse? Would you prefer to remain in downtown / west end? That's roughly a latter day Gamla Sta'n.

>>> ... That will be great to see!

[Klazu]

So where is Klazu temporarily living in?

Originally Posted by PaperTiger

Assuming you took that photo from your new digs... Hotel Blu?

Nope, but getting closer.

[Pinion]

Originally Posted by Klazu

So where is Klazu temporarily living in?

Nope, but getting closer.

You're on Beatty and Smithe?

[st7860]

To quality for the double deposit you have to do it in a specific way

1. discreetly notify the ex landlord of your current mailing address. You'll have to do it on a case by case basic. You do not want to let them know you want the deposit.
2. wait 15 days and pray they forget
3. bingo - if you don't receive your deposit within 15 days of having told them where you live, you can file for a claim for double the deposit.
4. landlords are not allowed to deduct any amounts from the deposit for any reason except a) tenant permission or b) an order from an arbitrator

Having said that though. $4100/mo? That's a lot to pay for just rent...

[hollywoodnorth]

Originally Posted by st7860

To quality for the double deposit you have to do it in a specific way

1. discreetly notify the ex landlord of your current mailing address. You'll have to do it on a case by case basic. You do not want to let them know you want the deposit.
2. wait 15 days and pray they forget
3. bingo - if you don't receive your deposit within 15 days of having told them where you live, you can file for a claim for double the deposit.
4. landlords are not allowed to deduct any amounts from the deposit for any reason except a) tenant permission or b) an order from an arbitrator

great tip! I am passing this along to everyone I know .... this is all about doing due diligence. Any landlord that does not know what they are doing and makes these kinds of mistakes deserves all that the law can do to punish them.