Vancouver Rental Market Discussion

[Homeowner]

Originally Posted by osirisboy

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

I bet a lot of those units are purchased with a lot more than just 25% down so the owners can afford to wait it out even if it means having it empty for months. Which does not make sense at all.

[Homeowner]

Originally Posted by Klazu

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.

Your best bet is to look for places that are being managed by property managers. They want to get it filled so they would most likely ask market rents. If you are looking for owner becoming landlord types, they will most likely be out of whack with what reality is.

[Klazu]

Originally Posted by Homeowner

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.

Yeah, many of those furnitures do look like some 80s s*it. Other times it looks like $500 spent in IKEA.

Yet somehow being furnished hikes the rent by $500-1000 (at least in landlords' dreams). Dream on.

Originally Posted by Homeowner

Which does not make sense at all.

That's the problem with current market. Nothing makes any sense.

[Sin_City]

Out of curiosity, what does a one bedroom with a parking space typically go for in Richmond?

[Spork]

One bedroom in central Richmond will range between $1300 and $1700 depending on how new it is.

[whatnext]

Originally Posted by Klazu

Yeah, many of those furnitures do look like some 80s s*it. Other times it looks like $500 spent in IKEA.

Yet somehow being furnished hikes the rent by $500-1000 (at least in landlords' dreams). Dream on.

That's the problem with current market. Nothing makes any sense.

And you have had a healthy budget to work with. Imagine what it is like for those who don't. One thing not getting much coverage is the disappearance of that last bastion of affordability, basement suites, which has occurred as the real estate parasites have descended upon Vancouver. From an article this week in the Globe:

...Basement suites are also disappearing as wealthy investors snap up homes to redevelop them into bigger homes for bigger profits. In the days when a house on the west side cost less than $2-million, a buyer relied on a secondary suite as mortgage income. Today’s buyer doesn’t need a mortgage helper.

While so much fuss is made about an average house price of $2.23-million, and growing homeowner equity, the story that gets overlooked is the low-income renter who’s simply struggling to stay in their community. People who’ve managed for lifetimes are now unable to find affordable housing, and when they do, it doesn’t last...

http://www.theglobeandmail.com/life/...ticle26756305/

[TourOdeon]

The rent is only going up from here regardless whether the cost of purchasing is rising or declining. Vancouver is still growing in terms of population. And we don't have that many people when compared to San Francisco or Los Angeles or even Seattle. The declining in housing cost will make it worse because that would lead to fewer new condos being built.

[whatnext]

"Vancouver is Kicking Us Out"

Soaring home prices in Canada's hottest housing markets are making would-be buyers doubt whether they'll ever be able to purchase a home.

But affordability isn't just a concern for those looking to join the homeownership club.

Rental markets are overheating too, especially in Vancouver, where vacancy rates are the lowest in the country. Only 0.6 per cent of rental units – that’s 6 out of 1,000 – are available at any given time, according to data released by the City of Vancouver in April.

Sarah Crover, a thirty-six-year-old sessional professor at the University of British Columbia, told BNN that owning a home has always been a dream, but with rental rates so high and amid a lack of available units, she doesn't know if that's possible.

“There’s just no way I could afford to move. It’s quite likely to pay $1,100 for a one-bedroom apartment,” she said in a phone interview, referencing the minimum rent she’d likely have to pay if she moved out.

Crover, originally from Victoria, B.C., is hesitant about giving up her $825-per-month basement apartment in Vancouver’s Dunbar neighbourhood in fear of not being able to find a place that’s in her budget. What she's paying now is considered a steal and is "unheard of" in the city. Crover moved into her apartment in 2013 and city by-laws prevent her landlord from jacking up the rent each year...
http://www.bnn.ca/vancouver-is-kicki...units-1.544867

[Klazu]

Boy, am I happy right now. We just signed a 14-month extension to our penthouse's lease, so you guys will get to enjoy our unique viewpoint of local projects going up at least until June 30th, 2018.

To make things even better, our rent increase was based on the legal annual maximum which is just so fair. It seems that there are still some reasonable and fair landlords out there that are not driven purely by market greed.

[retro_orange]

Originally Posted by Klazu

Boy, am I happy right now. We just signed a 14-month extension to our penthouse's lease, so you guys will get to enjoy our unique viewpoint of local projects going up at least until June 30th, 2018.

To make things even better, our rent increase was based on the legal annual maximum which is just so fair. It seems that there are still some reasonable and fair landlords out there that are not driven purely by market greed.

Do investors own your suite?

[retro_orange]

Advocates aim to abolish no-pet policies in B.C. rental properties

Sarah Petrescu, Victoria Times Colonist
More from Sarah Petrescu, Victoria Times Colonist

Published on: April 5, 2017 | Last Updated: April 5, 2017 3:28 PM PDT




No-pet policies are common in tight rental markets like Victoria. Times Colonist files
VICTORIA — A public meeting in Victoria this weekend will bring together animal advocates, landlords and government officials to discuss the increasing shortage of rentals for pet owners.

“The idea is to have an honest conversation,” said Jordan Reichert from Pets OK B.C., a community organization that wants the provincial government to repeal parts of the Residential Tenancy Act that allow blanket no-pet policies in residences.

“We need to hear more from landlords about their concerns as well as pet owners. We all have a social responsibility because of the tremendous amount of cats and dogs being left at the SPCA,” Reichert said. “For some people, especially seniors, pets are their only companion.”

The town hall event, hosted by Pets OK B.C. and the Mustard Seed, starts at 1 p.m. Saturday at the Cook Street Activity Centre in Cook Street Village. Panellists will include legal experts and a property manager.

For some people, especially seniors, pets are their only companion

“This is a real struggle for a lot of people. We need to do something about it,” said Bruce Curtiss, executive director of the Mustard Seed Food Bank. “Maybe there’s something we can do to address concerns and help people open up about having pets.”

According to Pets OK B.C., more than 1,774 pets are surrendered to the B.C. SPCA each year because of rental restrictions. The animal-shelter organization has been vocal about its opposition to no-pet policies and promotes responsible-ownership awareness as a solution.

Dave Hutniak from Landlord B.C., an organization for landlords, said he was invited to the forum but could not make it. He said his members’ position is that the law should remain as is and landowners should be able to decide if they want to allow pets in their properties.

“We’re not insensitive to the fact that people love their pets. But the fact is there are pet-friendly buildings out there and there are new developments being built,” said Hutniak, adding the problem stems from the incredibly tight rental market.

“If there were better vacancy rates, more landlords might consider pets. There would be more choices,” Hutniak said.

The vacancy rate in Victoria is about 0.5 per cent, one of the lowest in the country. “That’s why we’re in the business of promoting affordable rental housing,” Hutniak said.

Reichert agreed that the lack of affordable rental housing is a major part of the problem for pet owners, but said legislation still needs to change. He pointed to Ontario, which does not allow blanket no-pet policies.

“In Ontario, a landlord can still prevent a renter from bringing a problem pet, but it’s done on a more individual-situation basis,” he said.

http://vancouversun.com/news/local-n...tal-properties

[VarBreStr18]

Originally Posted by Klazu

Boy, am I happy right now. We just signed a 14-month extension to our penthouse's lease, so you guys will get to enjoy our unique viewpoint of local projects going up at least until June 30th, 2018.

To make things even better, our rent increase was based on the legal annual maximum which is just so fair. It seems that there are still some reasonable and fair landlords out there that are not driven purely by market greed.

Bet you are good tenants, landlords rather rent to reliable tenants for longer term, hence peace of mind. Rather than raising a few bugs and have to go over the renting process again.

[VarBreStr18]

Originally Posted by retro_orange

http://vancouversun.com/news/local-n...tal-properties

Most ridiculous kind of advocacy? What ever happen to landlord rights? Why is there a need to legislate everything? Leave it up to the discretion of landlords. There are plenty of pet loving landlords out there who dont mind little pets. But then again if there are landlords who objects to having pets, they should have their rights too.

[Spork]

Landlords cannot discriminate against pets in Ontario, and the sky has not fallen there. It's time to stop treating renters as if they are somehow lesser than landlords. In property-crazy BC, this is a bit difficult to understand, but other jurisdictions have figured this out a long time ago. Yes, the landlord owns the property, but there are other restrictions on what they can and cannot do which could also be labeled in a similar fashion to this.

[VarBreStr18]

Not allowing pets is not a discrimination, any more than not allowing smokers to rent your property.

[whatnext]

Originally Posted by Spork

Landlords cannot discriminate against pets in Ontario, and the sky has not fallen there. It's time to stop treating renters as if they are somehow lesser than landlords. In property-crazy BC, this is a bit difficult to understand, but other jurisdictions have figured this out a long time ago. Yes, the landlord owns the property, but there are other restrictions on what they can and cannot do which could also be labeled in a similar fashion to this.

Owning a pet isn't a right.

I looked at a condo suite in the Westbank built tower at 1565 W. 6th. Through the a/c ducts I could hear a dog barking one floor up (I know as I looked at a suite on that floor right before). I don't have a dog and don't see why I should be forced to listen to someone else's all day, it would drive me nuts.

[BlueVancouver]

The odour, hair/fur, and smells that pets produce.. many would find offensive. I have no issues with pets but I know some people do and would rent places that have no pets nearby.

[cleowin]

All a landlord has to do is ask “do you have a pet?” , and if they do.. they could just say “we’ll get back to you when we made a decision” and rent to the family without a pet. There’s always a loophole.

[a very long weekend]

Vancouver mayor outlines new priorities, measures to address housing affordability

The City of Vancouver has released a 10-year housing target that shifts its housing strategy towards renters, low to moderate-income earners, and families.

On Tuesday, the city announced a plan to add 72,000 new housing units over the next decade with an eye not just towards boosting rental supply but ensuring that supply is the “right supply” affordable for residents.

“One of the really big moves of the housing strategy here is to turn the spigot on for rental housing,” said Gil Kelley, the city’s planning general manager — a recognition from planners and politicians that for many in Vancouver renting is the only affordable option to stay in the city.

About two-thirds of the 72,000 units will be rentals, including 20,000 purpose-built market rental units, which is quadruple the city’s previous target set in 2012.

Seventy per cent of the new homes are aimed at households earning between $50,000 and $150,000 a year.

Nearly 29,000 units, or 40 per cent, will be for families, including about 13 per cent that’ll be “ground-oriented” units, such as townhouses, laneway homes and coach houses.

The new housing targets are part of the city’s housing “reset” launched earlier this spring. The final housing strategy will be presented to council in the fall.

...
According to the report, the city will be unable to meet the projected 54,800 units needed by low- and moderate-income households by 2026 without assistance from the federal or provincial government.

“You can’t build social or supportive housing without funding from the provincial and federal government,” said Robertson, who called on both levels of government to step up.

The city said it is already pursuing new programs and policies to achieve its housing targets, including enabling laneway houses, coach houses, and duplexes in single-family neighbourhoods, the implementation of the empty homes tax and new regulations around short-term rentals.

It said phase 3 of the Cambie Corridor project will create 4,200 homes over the next decade, including 1,000 units slated as social housing or below-market rentals.

It is also proposing a pilot program for all-rental buildings that’ll require a minimum of 20 per cent below-market units for renters earning between $30,000 to $80,000 a year. The program is being tried out in the Oakridge Municipal Town Centre, with the goal of producing 4,000 of these units. It’s in the “testing phase,” said city staff, to see whether there is interest from developers and to make sure it’ll work.

http://vancouversun.com/news/local-n...-affordability

this is all well and good, but where will these tens and thousands of units go if the single family home neighborhoods are exempt from upzoning?

[Klazu]

Originally Posted by GilmoreStation

Holy smokes! 1bdr units are asking for $2100-$2150 monthly rent these days

That's still much better of a deal than the idiot that is trying to get $5,995 from a "36th" floor (more likely ~30th floor) unit. Sure, it's 1780 sqft (counting some balcony space, I am sure) and comes with some bullshit furniture, but that price is a joke for Burnaby. I pay much less for a ~ same size penthouse suite with five times larger private patio.

In addition, a $200 move-in fee and $295 move-out/cleaning fee. LOL.

https://rentitfurnished.com/vancouve...solo-district/