Vancouver Rental Market Discussion - Page 2

Klazu · #21 Posted **Feb 18, 2015, 1:47 AM**

I hear you guys and you are right. The only thing a news story would accomplish would be us getting the "landlords, avoid at all cost!!" stigma, so perhaps not a good idea. We like our "your dream tenants" stigma better. And I always have you guys as my support group, so that's enough "skyscraper living" empathy one can ever need!

Anyways, going to see another suite across a water this evening. Looking forward to the view that we have been promised.

dleung · #22 Posted **Feb 18, 2015, 2:46 AM**

I get annoyed at Global for some of their "fight for the little man" stories. Half the time, we never hear the other side of the story, but those guys get vilified anyway. Anyway, enjoy your million dollar apartment while it lasts

st7860 · #23 Posted **Feb 22, 2015, 10:45 PM**

If the rent is below market, the landlord CAN apply for a special rent increase by showing lots of documentation.
.

Klazu · #24 Posted **Mar 7, 2015, 5:05 PM**

Okay, now it is final: we will be leaving our suite on May 1st. During the last month we really tried to reason with the new landlord and were ready to meet them halfway by accepting to pay 15% more for the suite. Unfortunately that was not enough for them, as they were fixated on their ask price of 32% more, which is well above the market price.

We did make a very compelling and well-argumented case for our best price and presented several similar or identical units in the same and other buildings. We also made it very clear that the building is 14 years old, which shows as the suite is in original condition with lots of wear and tear. Unfortunately this was to no avail, as the new landlord views this as an equivalent to Shangri-La (which of course it not the case).

We even had our previous landlord and our neighbours make a strong reference for our stay, describing how great tenants we have been and how there has in the past been tenants that did not upkeep the unit and were not good neighbours (at least one needed to be evicted). Also that was no help to our case and it seems that there was no words of reason that could have helped us reach a conclusion in here. It was all about maximizing the investment.

Although it will be sad to leave and annoying to be moving again, at least we are happy that we don't have to be paying inflated price for something that is clearly not worth it. That money will be much better spent somewhere else. I also have to say that even though a compromise could have been reached, we would have not been happy to continue living here after having an aggressive phone call with the rental agency. Their unprofessionalism came very clear from their argumentation throughout our conversation and I would never trust my money or property with them.

Anyways, I hope something nice can be found in the next 50 days. We will be going to see places again tonight.

WarrenC12 · #25 Posted **Mar 7, 2015, 5:40 PM**

Too bad Klazu, I feel for you.

Sadly, the landlord will probably lose a few months rent learning that they are asking too much, and wish they had you back in the summer.

a very long weekend · #26 Posted **Mar 7, 2015, 6:12 PM**

again, the new owners probably overpaid and couldn't afford not to seek top dollar.

Klazu · #27 Posted **Mar 7, 2015, 6:37 PM**

Quote:

Originally Posted by WarrenC12

Too bad Klazu, I feel for you.

Sadly, the landlord will probably lose a few months rent learning that they are asking too much, and wish they had you back in the summer.

Thanks, Warren. This is also something we highlighted to them as a very valid risk not necessarily worth taking when the difference between what we were ready to pay and what they were asking was around just one month's rent. Other units renting for those high prices in this building are also mostly aiming for just 2-3 month short-term leases, meaning that there is a lot of downtime between tenants and tenants keep changing a lot.

That is a very different situation vs. having someone live in the unit around the year and bring in a steady and completely worry-free income of close to $50k (!!!) annually.

Quote:

Originally Posted by a very long weekend

Again, the new owners probably overpaid and couldn't afford not to seek top dollar.

We don't know what the case is, but they seem to be approaching this from a buyer's perspective. We were given arguments like "the building was so properly built" which is not relevant to a tenant. All a tenant cares is in what condition the unit is in today and doesn't care about how sound the structure might be or how big status symbol the building was when built 14 years ago. It's pain and simply old when there no renovation has been done.

Anyways, I am not that unhappy about the result when knowing that this may end up saving us as much as our car lease and insurance is. The point being, the money potentially saved with moving out can be used in a much better way elsewhere.

red-paladin · #28 Posted **Mar 7, 2015, 6:49 PM**

It really sucks to hear that it didn't work out.

I suppose if you were able to work out a compromise and stayed there, there was a risk of a bad relationship with the owner/rental management, and possibly a passive aggressive attitude from them, or another massive dispute whenever they had the opportunity to to raise the rent again.

So maybe given their behaviour and attitude, it's better not to be there at all.

Homeowner · #29 Posted **Mar 9, 2015, 2:04 AM**

Quote:

Originally Posted by Klazu

Okay, now it is final: we will be leaving our suite on May 1st. During the last month we really tried to reason with the new landlord and were ready to meet them halfway by accepting to pay 15% more for the suite. Unfortunately that was not enough for them, as they were fixated on their ask price of 32% more, which is well above the market price.

We did make a very compelling and well-argumented case for our best price and presented several similar or identical units in the same and other buildings. We also made it very clear that the building is 14 years old, which shows as the suite is in original condition with lots of wear and tear. Unfortunately this was to no avail, as the new landlord views this as an equivalent to Shangri-La (which of course it not the case).

We even had our previous landlord and our neighbours make a strong reference for our stay, describing how great tenants we have been and how there has in the past been tenants that did not upkeep the unit and were not good neighbours (at least one needed to be evicted). Also that was no help to our case and it seems that there was no words of reason that could have helped us reach a conclusion in here. It was all about maximizing the investment.

Although it will be sad to leave and annoying to be moving again, at least we are happy that we don't have to be paying inflated price for something that is clearly not worth it. That money will be much better spent somewhere else. I also have to say that even though a compromise could have been reached, we would have not been happy to continue living here after having an aggressive phone call with the rental agency. Their unprofessionalism came very clear from their argumentation throughout our conversation and I would never trust my money or property with them.

Anyways, I hope something nice can be found in the next 50 days. We will be going to see places again tonight.

Good luck with your search. Sometimes owners and rental agencies are too greedy and want max $ even if it means losing out on an A+ tenant. When the asking rent is too high, it may get rented but to a tenant with a lot more issues (missed rent, unstable jobs et)

LeftCoaster · #30 Posted **Mar 9, 2015, 8:58 PM**

Sorry to hear about the rental issues, most likely a blessing in disguise as the LLs will likely be nothing but an issue in the future.

One silver lining to us here is we are party to dozens of great photos as you apartment hunt. I selfishly want you to have to keep looking right to the bitter end!

Klazu · #31 Posted **Mar 9, 2015, 9:07 PM**

Quote:

Originally Posted by LeftCoaster

One silver lining to us here is we are party to dozens of great photos as you apartment hunt. I selfishly want you to have to keep looking right to the bitter end!

Haha, I guess that's a positive indeed.

We can see the unit being listed online as of today. Just to play it safe, they bumped the ask price with another hundred bucks. Only +34,5% higher than what we have been paying. Jeez... Stay away from that rip-off...

Klazu · #32 Posted **Mar 12, 2015, 2:29 AM**

I am bummed after looking (just for fun) at Toronto rentals on Craigslist. With our budget we could get a 1300sqf brand new condo on the 67th floor of Aura!! That's...that's...crazy! And you don't have to tell us how salaries would be higher in Toronto as well.

Why do Vancouver have to be the most expensive of them all?? If only Toronto would have some mountains nearby, but no...

st7860 · #33 Posted **Mar 12, 2015, 2:34 AM**

Money isn't everything. Sure there's a higher salary in Toronto but would you want to live there?

Klazu · #34 Posted **Mar 12, 2015, 2:46 AM**

That's the thing - I would never trade Vancouver for Toronto's bigger salaries. I love Vancouver for what it is and in my mind other cities don't compare to it.

It is so unfortunate that Vancouver is the only major city with this mild climate. For me the climate is not the reason to live specifically in here and I wouldn't mind a tougher winter, but I do realieze it is The Reason for many to live here. For me it's the mountains and the closeness to nature that is the number one reason to live here and nowhere else.

But I can help to think how life in that 67th floor condo would be like. Pretty damn sweet, I bet.

st7860 · #35 Posted **Mar 12, 2015, 2:48 AM**

An English Bay sunset is always nice!

red-paladin · #36 Posted **Mar 12, 2015, 4:58 AM**

Quote:

Originally Posted by Klazu

Why do Vancouver have to be the most expensive of them all?? If only Toronto would have some mountains nearby, but no...

If you'd stop taking such fantastic photos broadcasting the beauty of our city to the world, maybe the Chinese billionaires and Arabian royalty that buy 75% of all condos in the city would stop pricing you out of the penthouses!

twoNeurons · #37 Posted **Mar 12, 2015, 6:59 AM**

Quote:

Originally Posted by st7860

Money isn't everything. Sure there's a higher salary in Toronto but would you want to live there?

Toronto's a fantastic place to live. Much better city vibe for a Skyscraper enthusiast. All that being said, Vancouver is overpriced and has been for a while. Prices, despite what the media reports, have been falling or stagnant for over a year now. Puff pieces in the paper make it seem like Chinese investors are buying up the whole city.

The amount of debt we're racking up is epic.

st7860 · #38 Posted **Mar 12, 2015, 2:09 PM**

Quote:

Originally Posted by twoNeurons

Toronto's a fantastic place to live. Much better city vibe for a Skyscraper enthusiast. All that being said, Vancouver is overpriced and has been for a while. Prices, despite what the media reports, have been falling or stagnant for over a year now. Puff pieces in the paper make it seem like Chinese investors are buying up the whole city.

The amount of debt we're racking up is epic.

I mean besides going to work what can you get to by transit?

Klazu · #39 Posted **Mar 12, 2015, 2:12 PM**

Quote:

Originally Posted by red-paladin

If you'd stop taking such fantastic photos broadcasting the beauty of our city to the world, maybe the Chinese billionaires and Arabian royalty that buy 75% of all condos in the city would stop pricing you out of the penthouses!

Haha, I know! I am half guilty for my own dilemma.

whatnext · #40 Posted **Mar 12, 2015, 6:06 PM**

Quote:

Originally Posted by twoNeurons

Toronto's a fantastic place to live. Much better city vibe for a Skyscraper enthusiast. All that being said, Vancouver is overpriced and has been for a while. Prices, despite what the media reports, have been falling or stagnant for over a year now. Puff pieces in the paper make it seem like Chinese investors are buying up the whole city.

The amount of debt we're racking up is epic.

Well except for the freezing winters and the sweltering sticky summers. Other than that it's OK.

Prices have been stagnating on the properties that working locals can afford (condos, SFH in Langley, Maple Ridge). The brakes are still off in markets being sold to offshore interests: SFH in Vancouver, Richmond, Burnaby.