I get a lot of interest from people who come to our website and are thinking of renting. Unfortunately, I don’t have any rental resources on our website. I thought it might be appropriate to write a post to provide some insight on renting in Vancouver.
The two most appealing markets for renters in Vancouver is going to be Kitsilano and English Bay. Why? Because you have easy access to restaurants, shopping, transit and 2 of the nicest beaches in town. They also have the lowest vacancy rates, surprise, surprise!
We’ve been hearing reports during this pandemic that the average rent is falling in the city. I suppose if you factor in the closure of the borders, that makes sense.
In Kitsilano, we hear Irish, British, French, Australian accents as we walk around the town. Especially in the summer walking down Yew towards Kits beach. Welcome to Kits our foreign friends, enjoy! Not so much lately, but hopefully they will have the chance to return soon.
The latest reports for Vancouver as of Jan 2021, show the vacancy rate at 2.6%. It was as low as 1.1% in 2020, so it’s increased. That means that you still have a lot of competition for that vacancy you saw the other day. The average rent is $1,508, up by 2%.
Covid has certainly had an impact on the rental markets in Vancouver. Employment losses have been concentrated on younger people and workers in the service industry.
With international borders closed to essential travel only, migration to Vancouver from those abroad has come to a standstill. The same holds true for foreign students. They are all studying online so the need for rental units in Vancouver has declined slightly.
Unfortunately Vancouver is a very expensive city when it comes to real estate. That is reflected in the vacancy rate. You have a percentage of the population who can’t afford to get into the housing market, or choose not to. That keeps the vacancy rate low.
Vancouver Rental Market by Bedroom Type:
Bachelor 1 Bedroom 2 Bedroom 3 or more Bedrooms
2.9% 2.5% 2.7% 3.6%
$1,258 $1,415 $1,792 $2,206
What resources do you have to find yourself a rental unit when you come to town.
If you are on Facebook, I belong to a group called Vancouver Rentals. you might want to join. They post regularly with units available for rent, rent out my unit short-term or shared accommodations. A great way to find new friends if you are new to town. For shared accommodations, it’s a great resource.
I’ve found that most Property Management companies post on Craiglist. That would be my recommendation if you are looking for a place.
The other option that you have, especially if you are new to town is to rent a place furnished. The monthly rent is going to be slightly higher, but, you don’t have to worry about furnishing an apartment. You have to weigh the pros with the cons when you decide. I’ve found that probably 60% of vacancies, if not higher are furnished rentals.
Back to Kitsilano for a moment. We don’t have a lot of high rise Condos in the neighbourhood. It’s a mix of low rise Condos and rental Apartments. So back to supply and demand. Supply is low and demand is high, so, rental units are tough to find.
Just across the Burrard Bridge is downtown. Unlimited high-rise Condos everywhere it seems. Back to that supply and demand scenario. Downtown has an abundant supply of rental units available in a number of different neighbourhoods. You definitely have more to choose from downtown.
Yaletown and English Bay would be the top 2 destinations for renters. Great Restaurants, shops, and access to the Sea Wall for walking, running, and cycling make these 2 locations popular. You will definitely have more options to choose from if you venture across the bridge.
I hope that helps to answer any of the questions that you have. If you are in Calgary or Toronto or Montreal, and wondering about renting a place when you move here. Just check out Craigslist.org, you can do some research and get a sense of the market before you move here. Trust me, you will love it!!
About the Author:
The above article Moving to Vancouver and thinking about renting an Apartment, What You Need to Know was provided by Regan Pyke, a leader in the field of sales, marketing, and real estate investing. Regan can be reached via email at [email protected] or by phone at 778-228-2448.
Thinking of selling your home? I have a real passion for buying and selling Real Estate, as well as marketing & real estate investing. I’d love to share my expertise!