Vancouver Rental Market Discussion

[TourOdeon]

It looks to me like rent fees are rising across the board in Vancouver, Richmond and Burnaby

[Klazu]

Originally Posted by st7860

Well looks like you're a do it yourselfer where as the titular landlord for this thread hired an agency - that might explain some of the greediness.

They hired an agency since they live in Singapore. Their only tie to Canada are their two young children that they traveled to Canada to give birth to and this apartment they bough as an investment and possibly future residence for their children.

Could the title of this thread be changed to Vancouver Rental Market Discussion or something similar to make it more generic.

[red-paladin]

Ask and ye shall receive.

[Klazu]

Not sure I am the target audience, but I found this interesting and also a bit funny.

Originally Posted by Re/Max realtor on New Condo Guide

What makes your investment condo most "rentable"?

1. Convenient location
Renters today more than anything are concerned about having a location that is convenient to work, shopping and public transit. Buy near these three, and you will have a winner.

2. Affordable price
Following location, the thing that renters look at most closely is the cost of the rent. The lower the price, the more potential tenants you will attract. Keep in mind that most renters aren't looking for spare rooms or fancy finishes. Therefore, buy small and buy cheap.

3. Extensive amenities
While some renters prefer a smaller, quieter building with little or no amenities, generally speaking, most renters would choose a building with plenty of amenities over one without. The most important amenity by far is a good gym.

4. Flexible floor plan
Floor plans that allow for a different uses of space, for example a den that could be a second bedroom, will once again open your unit to more potential renters.

5. Window coverings
This seems like a small thing, but something that is very important to tenants. Invest in a good set of window coverings and your unit will be more attractive to tenants and will rent out faster.

[Klazu]

“It’s a good time to be in rental in Vancouver, yes,” Kevin Hoffman, senior vice-president of Aquilini Development and Construction, says.

The newly completed Aquilini Centre tower connects with Rogers Arena, which Aquilini owns. They started taking tenants about a month ago, with rents starting at $1,550 for a 460-square-foot space and going up to $2,450 for 1,750 square feet.

http://www.theglobeandmail.com/life/...ticle25668657/

Wow, that is CHEAP! Lucky few that got those large apartments for that price. On private market such would be double the price.

[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.

[Klazu]

Originally Posted by Klazu

Holy moly the place we just saw!

Originally Posted by Klazu

I guess it wasn't meant to be. Someone already living in the same building had walked up with cheques in hand and took the place in front of everyone else from the next day onwards.

Seems that anything is possible in this weird town. This week the aforementioned suite suddenly popped up back on the rental market! I wonder what happened and caused the suite be vacated after only four months.

Too bad we are currently not looking, so we cannot act on it, but I do wonder what happened with their tenant who was supposed to having taken the suite for several years. The rental market in here is just crazy...

[osirisboy]

Well just because they are asking 4750 doesn't mean you can't counter that with a lower rent. They may accept

[Klazu]

Sure, but based on my own experience on the rental market, landlords today are completely out of touch with what Regular Joe can afford and think there is endless market for upscale units. I have noticed several units being converted to furnished and prices being pumped by $1000. Considering that furnished units are normally rented for short term, I just wonder how all these landlords are thinking they can find a tenant for 1 year contracts which almost everyone seems to be mandating...

The whole rental market is completely broken right now. If you have an ongoing contract, do not even think of leaving! Prices have gone up by over 20% in just one year.

[Spork]

Originally Posted by Klazu

Sure, but based on my own experience on the rental market, landlords today are completely out of touch with what Regular Joe can afford and think there is endless market for upscale units. I have noticed several units being converted to furnished and prices being pumped by $1000. Considering that furnished units are normally rented for short term, I just wonder how all these landlords are thinking they can find a tenant for 1 year contracts which almost everyone seems to be mandating...

The whole rental market is completely broken right now. If you have an ongoing contract, do not even think of leaving! Prices have gone up by over 20% in just one year.

I've been looking and have been struggling to find a non-tiny 1 bedroom in my price range, whereas just 6 months ago it would have been easy. Metrotown appears to be commanding prices at or even beyond what would be commanded anywhere in CoV.

[Klazu]

I know, it's crazy. There just cannot be enough people able to pay these prices so more and more units will end up sitting empty. Time for some strict rent control!

[osirisboy]

Well if they go sitting empty than that should make the landlords open to accepting a lower rent

[Prometheus]

Originally Posted by Klazu

There just cannot be enough people able to pay these prices so more and more units will end up sitting empty.

So, you think landlords would prefer their income properties sit empty and generate zero income rather than adjust rents to the market level and earn money?

Is that how you actually think the marketplace works?

[TourOdeon]

Go further East... Lougheed is still very affordable

[Klazu]

Originally Posted by osirisboy

Well if they go sitting empty than that should make the landlords open to accepting a lower rent

Originally Posted by Prometheus

So, you think landlords would prefer their income properties sit empty and generate zero income rather than adjust rents to the market level and earn money?

Any sane person would think so, but that is not happening. Some properties with ridiculous ask price have been on market for 3-4 months, even more. They haven't been budging on the price and keep listing it over and over again with exactly the same price.

I have been keeping a very close eye on the rental market for the last six months and know well what the turnaround times are. Landlords seem to have no urgency to lower their ask prices and just let units sit empty for months on end. It is stupid of them, but this is the reality of the market right now and it sickens me.

[GeeCee]

Originally Posted by red-paladin

This is why I'm moving from Metrotown to Port Moody.
I'd love to live in the Sovereign but I can't likely afford it anytime soon

Hmm. When I was looking a few years ago, rents at Klahanie seemed pretty nuts. Oh well.

[VarBreStr18]

Originally Posted by Klazu

Any sane person would think so, but that is not happening. Some properties with ridiculous ask price have been on market for 3-4 months, even more. They haven't been budging on the price and keep listing it over and over again with exactly the same price.

I have been keeping a very close eye on the rental market for the last six months and know well what the turnaround times are. Landlords seem to have no urgency to lower their ask prices and just let units sit empty for months on end. It is stupid of them, but this is the reality of the market right now and it sickens me.

Since you have been keeping track of rental market, any idea what is the going rent for a 2 bedroom unfurnished apartment in Burnaby, vs a furnished 2 bed room apartment in same area?

[Klazu]

A moderator could move all this discussion to the Rental Market Thread... Thank you.

Originally Posted by VarBreStr18

Since you have been keeping track of rental market, any idea what is the going rent for a 2 bedroom unfurnished apartment in Burnaby, vs a furnished 2 bed room apartment in same area?

I have mostly been keeping an eye on Downtown prices and only occasionally been checking prices for the new towers in Metrotown and Brentwood. 2 bedroom units vary hugely in size, so it is difficult to say what the price range is. Check for yourself on Craigslist, which is a pretty good indicator what the current ask prices are.

http://vancouver.craigslist.ca/searc...apa?bedrooms=2

[red-paladin]

Part of the rental conversation from the Sovereign thread moved here.

[Homeowner]

Originally Posted by Klazu

Sure, but based on my own experience on the rental market, landlords today are completely out of touch with what Regular Joe can afford and think there is endless market for upscale units. I have noticed several units being converted to furnished and prices being pumped by $1000. :

A lot of furnished units (lower end 1 & 2 bedroom units ) have old furniture which was probably taken from the owner's home. Some of them barely put any thought in furnishing it and at least making it look nice.