Vancouver Rental Market Discussion - Page 20

misher · #**381** Posted **May 16, 2020, 7:10 PM**

Quote:

Originally Posted by VarBreStr18

In today's rental market, is anybody still got notified by their landlord of rent increase? I did. But I thought landlord not allowed to serve notice at least for now due to Covid19.

I believe he can serve notice but increase won’t apply until after the crisis.

VarBreStr18 · #**382** Posted **May 16, 2020, 9:29 PM**

Quote:

Originally Posted by misher

I believe he can serve notice but increase won’t apply until after the crisis.

Not for my landlord because my increase effective August 1, which according to him must be date pandemic over. Renters has nothing to fight back.

misher · #**383** Posted **May 16, 2020, 11:09 PM**

Quote:

Originally Posted by VarBreStr18

Not for my landlord because my increase effective August 1, which according to him must be date pandemic over. Renters has nothing to fight back.

BC may end the freeze by then, remains to be seen. If it doesn’t end by then then you can let the landlord know.

whatnext · #**384** Posted **May 28, 2020, 4:57 PM**

Not a bad time to be a renter, if you know your income is secure:

VANCOUVER -- Where bidding wars and long lineups greeted renters looking for a new home, more options and sinking rates are now the norm — with some landlords and property managers offering hefty incentives for tenants to sign leases.

The COVID-19 pandemic has sent the short-term rental industry, student housing and real estate market into uncertain waters with renters the beneficiaries of increased supply as demand plummets.

CTV News found no shortage of rental listings on Craigslist and other online marketplaces offering “move in bonuses” from $300 to $1,000, plus two months' free rent for one swanky West End development and even a free mattress and linens for a chic Chinatown micro-loft...

....For recent UBC grad Josh Lim, the landscape is an optimistic one. An anecdotal result of universities and colleges committing to predominantly online classes in the fall, he’s one of many who report an unexpected variety of offerings on Vancouver’s west side and the Cambie area in particular.

“What normally would be somewhere that would have a huge lineup around Cambie in a prime location, they were really sort of desperate for renters,” said Lim. “I’m definitely seeing a lot of ads just staying there for weeks on end and slowly lower the prices.”

Hutchinson says with the real estate market stagnating, he’s seeing more and more homeowner who can’t get the price they’d hoped for opting to rent their property to long-term tenants instead — at least for the time being. He’s urging them to take a long-term view of their investment, rather than count on near-term profits from short-term rentals.

“The real winner is the good, old-fashioned landlord that just rented their place on a one year lease,” said Hutchinson. “I think if you’re a landlord you want to treat your tenants pretty well right now.”

https://bc.ctvnews.ca/renters-gaining-up...nking-rents-in-metro-vancouver-1.4958005

whatnext · #**385** Posted **Jul 16, 2020, 11:57 PM**

The province has said the Covid-19 eviction moratorium will expire on September 1. However they are the banning rent increases through December and giving tenants rental assistance and a repayment plan:

VANCOUVER (NEWS 1130) — B.C. will lift a ban on evicting tenants in less than two months, while bringing in a repayment plant to help landlords and tenants.

The repayment framework announced Thursday is being set up ahead of Sept. 1, when the ban on evictions ends.

It includes extending government supplements, giving renters until next summer to gradually pay back any money owed, and not allowing any rent increases before December.

Tenants have until July 2021 to repay any outstanding rent, as long as monthly instalments are made starting Oct. 1....

https://www.citynews1130.com/2020/07/16/b-c-brings-in-repayment-plan-ahead-of-lifting-eviction-ban/

Changing City · #**386** Posted **Jan 10, 2021, 5:11 PM**

Some interesting data from CMHC, published back in November. It's looking at the number of condominiums in Metro Vancouver offered as rental units. Generally a small proportion of condos are bought as investments and leased. In 2018 there were actually more rentals removed from the market than added. Suddenly, in 2019 there was a huge jump - over 11,000 units added as rentals, the majority existing units (rather than newly built ones).

The impact of limiting AirBnB and Provincial vacancy tax / City of Vancouver empty homes tax are cited as part of the explanation of why this should be the case. Over half the added rental units were in the City of Vancouver, and half of those are Downtown.

Vancouver_Highrise · #**387** Posted **Jan 10, 2021, 8:14 PM**

Westbank is having a difficult time renting their Davie St development Zephyr. Maybe because their prices are out of touch with the area I would assume.

NewfBC · #**388** Posted **Jan 11, 2021, 3:56 PM**

Quote:

Originally Posted by Vancouver_Highrise

Westbank is having a difficult time renting their Davie St development Zephyr. Maybe because their prices are out of touch with the area I would assume.

I really wonder how much demand there is for high end rentals right now in Vancouver... Westbank is looking for $3500-4000 for 2 bedroom units at Zephyr.. $2500-3000 for 1 bedroom. With those prices, you might as well buy.

Ron.

whatnext · #**389** Posted **Jan 11, 2021, 5:22 PM**

Quote:

Originally Posted by NewfBC

I really wonder how much demand there is for high end rentals right now in Vancouver... Westbank is looking for $3500-4000 for 2 bedroom units at Zephyr.. $2500-3000 for 1 bedroom. With those prices, you might as well buy.

Ron.

I also notice that other rental projects like Wall's Shannon Mews are constantly advertising for tenants. I think you're some developers assumed there was a bigger pool for expensive rentals.

officedweller · #**390** Posted **Jan 11, 2021, 9:07 PM**

Are high end rentals dependent on the film industry?

whatnext · #**391** Posted **Mar 30, 2021, 7:44 PM**

Some interesting figures showing the weakening market for the newer rental units. Developers seem to be betting on a quick recovery.

Market challenges not deterring large rental projects
Multi-family rental starts up 34% despite B.C. rental restrictions and rising vacancies
By Frank O'Brien | March 30, 2021, 12:00pm

...As of February, 768 new rental apartments had started construction in Metro Vancouver, up 34% from a year earlier and adding to the 5,207 units that broke ground in 2020, according to Canada Mortgage and Housing Corp. (CMHC).

Yet, while Metro Vancouver’s vacancy rate has increased to 2.6% this year, up from the 1.1% range since 2018, the vacancy rate for the more expensive apartments in new rental buildings spiked to 6.2%.

In the City of Vancouver, the vacancy rate for new rental buildings completed in the past five years soared to 8.7% from 1.4%, year over year, according to CMHC....

https://biv.com/article/2021/03/market-challenges-not-deterring-large-rental-projects

GenWhy? · #**392** Posted **Mar 30, 2021, 9:29 PM**

Definitely curious to see new income stats for the Vancouver proper.

trofirhen · #**393** Posted **Mar 30, 2021, 11:30 PM**

Quote:

Originally Posted by GenWhy?

Definitely curious to see new income stats for the Vancouver proper.

No kidding !! I cannot believe that there are that many people out there willing to pay, for example 30K (a month !!!!!) for an apartment however luxurious and elegant it is.
If people have that kind of money to spend, would they not normally invest & buy something (probably very expensive also, but a much better value), and if not, why not.
I can only think that people who plan to stay only temporarily in the city would rent at those prices. Yet looking at Zumper, it says that the median rent charged in CoV is $1925 / mo.
That's $23,000 / year, and half of a ~$48,000 take home salary, presumably pink collar or service job.
What about seniors on a fixed pension? Students not from rich families? It may be 'schadenfreude,' but I can't help chuckling at the notion of ultra high end developers sweating it out.
Look at the prices ... then scroll down for more information:
https://www.zumper.com/apartments-for-rent/vancouver-bc/luxury

GenWhy? · #**394** Posted **Mar 31, 2021, 12:29 AM**

I'm just curious what my new "market" will be so we can look at what are rents might be able to swallow for financing.

Not sure how some websites get their data, but I'd try to rely on data that differentiates between purpose and non-purpose rental housing as well as by sub-region within a city. $1,900 sounds very reasonable for a new unit.

Zepfancouver · #**395** Posted **Jun 22, 2021, 1:11 PM**

Saw this on Reddit this morning Bay Area landlords be like: Laughed

so hard and also took pause

trofirhen · #**396** Posted **Jun 22, 2021, 1:38 PM**

Quote:

Originally Posted by Zepfancouver

Saw this on Reddit this morning Bay Area landlords be like: Laughed

so hard and also took pause

Yes, funny in a perverse way. 'Them as has, gits' was never truer than it is today. And the sad thing is, in Vancouver, anyway, the city council seems quite content to keep it that way.

Canucks223 · #**397** Posted **Jul 9, 2021, 8:01 PM**

Came across this video on youtube regarding the rental housing market situation in the lower mainland. I found it to have some very interesting facts so just wanted to share it here for others who might be interested.

• Video Link

trofirhen · #**398** Posted **Jul 10, 2021, 12:11 AM**

I think this answers a lot of basic questions that many people have had in their minds. However, the housing affordability crisis remains a crisis.
There seems no real answer in the long term.

WarrenC12 · #**399** Posted **Jul 10, 2021, 12:22 AM**

Great summary. The two sides of this debate are cringeworthy. Open up zoning and let the market sort it out.

SpongeG · #**400** Posted **Aug 20, 2021, 1:53 AM**

Metro Vancouver condo developers pivot to rentals

The hot multi-family rental sector has attracted the attention of some of the region’s largest residential developers
Aug 17, 2021 7:15 AM By: WI Staff

Quote:

• Westbank and Crombie Real Estate Investment Trust have revised plans for the Safeway site redevelopment at Broadway and Commercial, increasing the rental units from 160 to 452 units while reducing its strata units

• Bosa revised a West End, Vancouver, condo application, announcing two 34-storey towers containing 575 new rental units.

• Rize Alliance revised its City Centre site in Surrey from a 30-storey strata tower to a 38-storey, 392-unit secured market rental building. Bosa has also announced a new 375-unit rental building for Surrey.

• Toronto-based Starlight Developments announced an all-rental rezoning of Lougheed Village on the Burnaby-Coquitlam border, comprising three additional concrete tower buildings with 1,200 new rental apartments.

• Marcon, in partnership with QuadReal, have submitted a rezoning application for a 11.6-acre property in Coquitlam Town Centre. A purpose-built rental complex with 126 rental units is included in the first phase.

https://www.westerninvestor.com/british-...ondo-developers-pivot-to-rentals-4213952