Vancouver even rent housing market began to fall
Posted by Emvertex
Not only are prices falling in vancouver, but rents are also loosening. At Duke, a new apartment complex in the happy hills neighborhood, Rhapsody Living, the company that manages it, recently started a promotion offering $1,000 less rent for the first month and reducing the extra deposit required to keep a pet. The company declined to comment.
A one-bedroom apartment in the Duke building costs 2,530 yuan a month with a stove but no oven, which is 500 yuan or 600 yuan more than most other one-bedroom units on the market today.
Duke’s price cut is not unusual, as some rental apartments are offering discounts to attract tenants, some offering no rent for the first month, and some offering to pay renters to move.
After two years of vacancy rates below 1% and soaring rents, there are many signs that rents have stopped rising.
Tom Davidoff, an economist who studies real estate, said the increase in new rental buildings on the market, combined with a provincial speculative vacancy tax and a vancouver vacancy tax, have forced up supply and dampened rent growth.
Rents in the greater vancouver area rose 13% between 2016 and 2018. The vacancy rate is now 1%, up slightly from 0.7% in 2016.
Cristina Ilnitchi, 21, a student at the university of British Columbia, shares a suite ina high-end house in vancouver’s Dunbar district for just 750 yuan a month. Most houses in the area are in the $3 million range.
Rents have cooled a bit, but they are not cheap. Patrick Meehan, a 34-year-old policy researcher, rents a flat in the village for 1,725 yuan a month. He and his wife want to exchange a two-bedroom flat, but can’t find a good price. “There is more choice, but prices are still hard,” he said.