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37 here.

I live in a 1/3 share of a house but I know the value of the house and what the other tenants pay. What’s your number?

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http://www.videosift.com/video.....ubble-Song

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That is how the theory goes, and I have often argued the same when somebody tries to argue that “rents will go up when prices fall because more people will buy and there will be fewer rental units availalbe”

Moronic reasoning aside, the rents in most speculative U.S. markets have fallen, the notable exception being San Francisco. Basically, the more overbuilding that took place, the more rents drop.

You are both correct. Falling prices don’t directly lower rents. The high prices leads to overconstruction. The falling prices cause “investors” to make better use of their resources (which means no more empty places), which leads to increased rental units on the market (all else the same). I haven’t read coco’s link yet, but I will see if that contradicts my data that rents DID fall in most cities.

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Interesting to note is that I am off the scale (as mentioned previously I live in a suite in Yaletown).

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But for an arms-length renter paying the going rent, you stay.

In fact during the 80’s bust it was common for the bank to pay the tenants to get out voluntarily so they could sell the house as a move-in. As the rental market was soft is was a good deal for the tenant.

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That’s because the foreclosed units are sitting empty, reducing the total supply of shelter. This will work itself out when the units become occupied again (whether by renters or owners doesn’t matter).

BTW in BC tenancy rights are not affected by a change in ownership, including foreclosure. The new owner assumes all contractual obligations of the old one. Thus you will not see tenants evicted due to foreclosure, and I think you will not see large number of foreclosed properties sitting empty here.

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isn’t selling your first born a prerequisite for home ownership with the second payment being an arm and a leg?

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Renters can’t escape housing foreclosure crisis.
http://www.usatoday.com/money/.....tion_N.htm

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http://www.nationalpost.com/ne.....?id=544227

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“Roach noted that when asked, on average, 90 per cent of British Columbians said they expect to be living in B.C. five years from now.

For 18-to-24-year-olds, however, that number was 74 per cent. And 26 per cent said it’s unlikely they’ll still live in B.C. five years from now, up from the 12 per cent who said the same in the foundation’s 2006 survey.”

and

“The Lower Mainland, Victoria and Kelowna are all areas that have seen dramatic increases in housing prices, without commensurate increases in incomes that would pay for such housing.

“This is not a Tokyo or London or New York,” Finlayson said, where there are lots of high paying jobs.”

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There is a clause in RTA that allows a landlord to raise rent to market rate if they can prove the current rate is below market.

If what you say is true then why are rents not raised the maximum allowable on so many places? It’s not that rents have become so much more expensive, it’s that rents have been systematically held below inflation for existing tenants for years. One should ask why this practice is so prevalent. And don’t say because landlords are dumb!

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If you’re a low risk to default you should be able to command a lower rent. If a landlord doesn’t offer you a discount it means: they have lots of competition from other good candidates, they are ignorant good tenants command a discount, or you are a deadbeat and don’t know it.

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That government site links to several sites..
I didn’t mean to say people that can’t find rentals have bad credit scores, I just mean there must be more to the story since I have had my eyes trained on the downtown rental market for several years and don’t see where people that complain that they can’t find places are coming from.

Unless you’re bragging about how much pot you smoked while feeling up a hooker the night before on your cel phone during the viewing or raising a similar red flag it shouldn’t be a problem finding something.

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That is the best way to find a place to rent. Most people I’ve talked to who have a great deal found it that way. Its also a great time to check out the neighbourhood. Try it on a Friday night to see how busy/loud the area is, etc.

For Yaletown and downtown, it is more difficult. A lot of people post “for rent” posters in the mail area or lobby of the building. Doesn’t help too much if you’re on the outside looking in of course…

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Walking around and the newspaper are the best ways to find decent prices. If you don’t mind paying more and having competition then go with craigslist.

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2008/01/2-bedroom-rents-up-41-per-month.html”

A lot of people suggested walking around the neighbourhood you wanted to rent in as a good way to find out the ‘real’ market for rents. Problem is I want to rent in yaletown, and I never see “For Rent” signs out. I think it’s probably a strata by-law. What’s the best approach in that case? Craigslist? Property Management Companies?

Also, if you’re a good prospective tenant, perfect credit, good reference, stable employment etc. Will a PM company do the leg work for you and call you when suitable properties come on the market?

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I agree with all your points and would add one more. When prices are going up, more people are content to leave their “investment” empty (temporarily reducing supply). Who needs the hassle of tenants when your condo has gone up a few $100k? OTOH, when prices are flat and falling, you need that income to cover your costs and losses, and many of those places go back into the rental pool.

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http://classified.van.net/clas.....h?openform

… then search in the North Shore News

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I have had to settle for the North Shore as that is where my son’s behavioral interventionists are located.

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