CMHC have released their rental market report for Vancouver. Good to see that they are reporting data not only for purpose built apartments but for investor owned condominiums too, considering that the latter apparently makes up a hefty 35% of the rental stock Downtown (according to CMHC research).
I am a landlord and own property Downtown (in Gastown) ….and yes, it was noticeably different rental market this year from last year. It was clear there was a lot of choice for tenants and rental rates were under serious downward pressure.
One tip for landlord’s who are keen not to reduce their rent, and who want to out-compete the market, is to consider allowing pets into the rental suite (where strata bylaws allow) .
My experience was that once I switched from a ‘no pets’ policy to ‘pet friendly’, I had a significant increase in demand in my property and much less resistance to montly rent price. There are so few pet friendly’ rentals in the City, that landlords who are willing to be flexible, can capitalise on this opportunity in softer rental markets.
Posted by: bruce
Categories:
Vancouver Fairview and Westside Real Estate Market
