Vancouver Rental Market Discussion

[Klazu]

Originally Posted by TourOdeon

Oh damn... You are able to afford $4,100/month rent, that's crazy... What do you do for living if I may ask?

I think I already answered this in some other thread. We are a young couple in our early 30s, working both normal office jobs in software business. Nothing fancy, but the pay is okay.

Originally Posted by NewfBC

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

Nice! I have to keep an eye on that.

Originally Posted by Pinion

You're on Beatty and Smithe?

I knew that the photo of Hotel Blue made it too easy.

Yeah, we are now in a small furnished shoebox on the fake 32th floor (27th in reality) of the The Max1 tower. It's the most generic Concord Pacific tower imaginable, but it is fairly new and cheap. It's just a temporary place for few months, but it provides a roof over our heads.

We are on the fifth highest floor facing west (left) in below photo.

[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...

[Pinion]

Originally Posted by Klazu

Yeah, we are now in a small furnished shoebox on the fake 32th floor (27th in reality) of the The Max1 tower. It's the most generic Concord Pacific tower imaginable, but it is fairly new and cheap. It's just a temporary place for few months, but it provides a roof over our heads.

We are on the fifth highest floor facing west (left) in below photo.

I know you don't mean it in a condescending/snobby way but a lot of people would consider that a dream place. Anywhere near Yaletown in a newish condo, or hell, anywhere near the downtown peninsula, is completely unattainable for a lot of us.

I don't wanna make you feel guilty though, just be thankful that you consider that a temporary inconvenience. And I hope your next place has great photo angles.

[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.

[WarrenC12]

Originally Posted by hollywoodnorth

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.

All true, albeit a bit of a douchebag way to do things. In this case Klazu's landlord deserves it, but many don't.

[st7860]

Originally Posted by hollywoodnorth

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.

Remember with #1. Its all case by case. I can't explain every case. Just make sure the landlord knows where the tenant now has a mailing address disceretly. It does not have to be a living address. One possible way is, on the moving out day, have 2 witnesses with you as to the condition of the place" then mail the keys back with registered mail with a discreet notation perhaps in the return address section saying thats my new mailing address. another way is(if you have an appointment to meet the landlord on the last day) , quietly hand over the keys, shake hands say thanks, with a peice of paper saying thats your new address" have a witness.

It is very important to note that a landlord may not deduct anything from the damage deposit with ANY reason except an order, or consent. thats even if he or she thinks you caused $5,000 in damage.

note - a landlord can still go to arbitration and win a damage settlement if indeed there is evidence of damage, but that doesn't change the regulations regarding double deposits.

[Klazu]

Originally Posted by Pinion

I know you don't mean it in a condescending/snobby way but a lot of people would consider that a dream place. Anywhere near Yaletown in a newish condo, or hell, anywhere near the downtown peninsula, is completely unattainable for a lot of us.

Oh no, it is definitely not my intention to snobby about it. I just wanted to say that in comparison to a landmark building like One Wall Centre, The Max is pretty much as generic and boring condo tower you can find. Nothing exciting about its architecture. It's just a vertical residential tower with lots of tiny condos (10 suites on each floor).

This building has also been an owner's nightmare with several major water damages having taken place. The most famous happened in 2013 when a rich kid on drugs flooded the whole building, but there has been at least two other major leaks outside of that. One can see that even the unit we are in has been re-done recently, so those leaks must have been expensive. I hope we manage to avoid any leaks during our few months in the building.

[TourOdeon]

Originally Posted by Klazu

Oh no, it is definitely not my intention to snobby about it. I just wanted to say that in comparison to a landmark building like One Wall Centre, The Max is pretty much as generic and boring condo tower you can find. Nothing exciting about its architecture. It's just a vertical residential tower with lots of tiny condos (10 suites on each floor).

This building has also been an owner's nightmare with several major water damages having taken place. The most famous happened in 2013 when a rich kid on drugs flooded the whole building, but there has been at least two other major leaks outside of that. One can see that even the unit we are in has been re-done recently, so those leaks must have been expensive. I hope we manage to avoid any leaks during our few months in the building.

Does the build-quality also feel really cheap?

[whatnext]

Originally Posted by Klazu

Oh no, it is definitely not my intention to snobby about it. I just wanted to say that in comparison to a landmark building like One Wall Centre, The Max is pretty much as generic and boring condo tower you can find. Nothing exciting about its architecture. It's just a vertical residential tower with lots of tiny condos (10 suites on each floor).

This building has also been an owner's nightmare with several major water damages having taken place. The most famous happened in 2013 when a rich kid on drugs flooded the whole building, but there has been at least two other major leaks outside of that. One can see that even the unit we are in has been re-done recently, so those leaks must have been expensive. I hope we manage to avoid any leaks during our few months in the building.

Interesting. I've looked at several Concord buildings recently and had the same vibe. Nice enough, but they all seem a bit cookie-cutter and commoditized. Nothing that incites a desire to buy.

The flood story reminds me of the first place I bought 20 years ago, in one of the first Concord buildings. A renter (and hooker) turned on the fire hose pipes in the stairwell and flooded the 5 floors below. The joys of multifamily living!

[sacrifice333]

Originally Posted by whatnext

Interesting. I've looked at several Concord buildings recently and had the same vibe. Nice enough, but they all seem a bit cookie-cutter and commoditized. Nothing that incites a desire to buy.

The flood story reminds me of the first place I bought 20 years ago, in one of the first Concord buildings. A renter (and hooker) turned on the fire hose pipes in the stairwell and flooded the 5 floors below. The joys of multifamily living!

Concord has one thing going for their developments... location. Quality, architecture of merit, etc., are not on that list of one.

That being said... as has been discussed on this forum many times there is very little inspiring architecture or quality craftsmanship in the Vancouver multi-family development universe.

[Homeowner]

Originally Posted by sacrifice333

Concord has one thing going for their developments... location. Quality, architecture of merit, etc., are not on that list of one.

That being said... as has been discussed on this forum many times there is very little inspiring architecture or quality craftsmanship in the Vancouver multi-family development universe.

Concord does have really nice amenities.

[TourOdeon]

Originally Posted by Homeowner

Concord does have really nice amenities.

You mean their golf simulator?

[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.

[st7860]

Originally Posted by WarrenC12

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.

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.