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Poll on Vancouver Rent

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35 Comments

Daily Dose suggested a poll on Vancouver rents, which seems like a natural extension of the discussion on rental prices started in the previous story. We’ve discussed the topic of rent in Vancouver before, but this poll will hopefully give a nice visual overview. Unfortunately this poll plugin does not give me the option to connect answers (i.e. 1 bdrm for $850 in Vancouver West) but please feel free to add detail in the comments section.

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Extra: Reductimat posted this link showing rent ratios in major American cities. This ratio is the purchase cost divided by the annual rent. This ratio ranges between 11.4 (currently in Columbus) and a peak of 34.5 (Bubble ratio in San Fran, currently down to 26.1). What’s your rent ratio?

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woodster

I rent in a nicer area off the Gorge in Victoria (1 block from Portage Inlet), older home but well kept, 4 bedrooms, 2 bathrooms, huge nicely finished studio and greenhouse in the yard, yard maintenence included for the beautiful yard on 1/3 of an acre, for 1500/mo (incl. utilities). House would sell for over 600k today, so that leaves a ratio of 33 or more. Even if we were paying Craigslist market rent ($2000/mo), ratio stands at 25. For this price i could not even get a one bedroom in Victoria's nasty downtown area.

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wransom

When negotiating rent it would depend on the situation. If its an empty open house or doesn't seem to be much other interest offer the lower rent right off the bat. If there are other applicants and you know you are a preferred tenant with good credit and income than I'd wait until you've applied so that the owner can see why it would benefit them to lower the price. Of course if they've overpriced the unit in the first place they probably aren't thinking in these terms and it may be worth just steering clear. You can usually tell how keen someone is on renting a place out to you specifically, I've had an owner call me up a couple of times when I moved last to try to work out a deal. I'd assume no better options came… Read more »

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CashingOut

When negotiating on price, does one typically do that before they even apply, or after their application has been accepted?

Thanks for the tips!

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Gursk

Great interactive calculator to compare renting & buying on the NYT website http://www.nytimes.com/2007/04/10/business/2007_B…

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emile

My rent for a cute 2 BDR townhouse in Point Grey is $1230. The house would be $700,000. This puts me around … 47? And realtors try to convince me to buy ?!?!?!

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stagnate

tony danza's landlord. negative cash flow tax write off

342,000/annum.

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Re-diculous

In a nice 950sq-ft 2 bdrm in west end. Rent currently $1664 (up from $1600 5 years ago). Current value (estimate) $500K for ratio of 25

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blueskies

we have a 1 bd & den with large patio

for $1800. we found it on craigslist

negotiated from $2k furnished to $1800

unfurn. pet friendly 1 year lease

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YTRenter

Anyone live in Yaletown? What does a 1 bedroom in Yaletown rent for now? I'm trying to determine if the rents on Craigslist are accurate or if there's room for negotiation.

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alexcanuck

120 or so on the ratio, I guess. We have a huge palace for 900 bucks. We would rattle around in that place so much, we just never go into most of the rooms. The servants keep the unused rooms clean and the yard gorgeous, mostly we stay in our lovely private chambers. I have my herb patch planted and let the gardener take care of the rest.

( We just have a suite within a big house.)

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Strataman

I'm in Yaletown 1 bedroom rent $1450.00 similar units priced at 450000 just under 26 ratio I believe. Downtown San Fran I guess.

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wransom

It looks like rent ratios are worse in more desireable neighborhoods. Shouldn't demand keep their ratios similar to less desireable areas?

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dingus

1/2 duplex, east side, 3 br, 1500 sf (guessing). Rent is 1250.

Newer but smaller duplexes (there's been a run on 1100 sf heritage style duplexes with all the schmancy trimmings — though this seems to have stalled recently) have gone for anywhere from 500 to 650k in my neighbourhood.

Assuming purchase price of 500k, that's a factor of 33.

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Anonymous

My 1 bedroom apt in the west end is only $825, going up $30 in September, but I've lived here 10 years. The cost of owning a similar condo (665 sq ft with a view) in this area would be fairly hefty, but to be conservative, let's say $300k. My ratio at my new rent would still be 29.24, though I'd say this place would sell for more than $300k, three blocks from the beach.

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watching the market

Van Zee — I am in a 2br woodframe walk up, so not one of those coop buildings with hundreds of 1BR and studio units, and I am close to Lost Lagoon…the condo next door is concrete and has been selling 2BR in the $800K range over the past year or so. My suite though has just one small bathroom and no in-suite laundry…so hard to compare directly….but at $1380 per month including heat and hot water and secured parking, is a steal relative to owning in this neighbourhood, especially after you consider monthly taxes/mtce of about $700 per month…. 😉

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Tony Danza

My rental SFH in Kerrisdale/Shaughnessy has a multiplier of 75 (2200/mo, nearly identical house next door sold for 2MM last year).

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ted

Idiots don't check their facts and correct statements, so clearly you aren't an idiot.

Seems like that data with the REBGV benchmark price might provide a reasonable rent ratio to track, maybe I'll try to find historical values for those two stats and see how they've changed over time.. or has someone already done that?

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Vascular Cowboy

You know something, I'm an idiot.

CMHC does check the market rent, not average rent. Here's the October 2007 report. The methodology is at the bottom. There's also useful breakdowns by neighbourhood.

https://www03.cmhc-schl.gc.ca/b2c/b2c/init.do?lan…

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Vascular Cowboy

Comparing the rent figures from the CMHC and the benchmark condo price from REBGV is problematic because the CMHC rent figures measure the average rents for all renters, wheras the benchmark prices measure "what you'd pay now" for a condo.

Average rents at the margin, or what you'd pay if you rented a new place today, are likely significantly higher than the CMHC figures.

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jesse

Anon, I don't know what they do for vacant units. Renters do pay some council taxes in London UK.

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jesse

YLTNBoomerang, I'd love to Sit Down with that Realtor for a firesale chat.

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Anonymous

Where do they charge the occupier for property tax? Does that mean all you have to do is leave your place empty to avoid paying tax?

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YLTNBoomerang

Check out the blurb for: V704280

The price is still too high, over average for downtown townhouses but the wording is too funny… impending doom, ha ha ha

Receivership Sale at fireside prices! One bdrms from $387,900, 2 bdrms from $509,900. Completion 2008 December. Features include: S/S appliances (Bosch), fantastic finishings, great floor plans. 10% deposit until completion.OPEN HOUSE FRI-SUN MAY 30-JUN 1, 12-4pm @ H&H Sales Centre located at 638 Nicola St

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jesse

You will expect higher ratios for detached compared to condo which is why comparing ratios is not always the best. $1500 on a paid-for $325K condo nets no better than a T-bond with significantly more risk and overhead. Not a good deal unless you are speculating.

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Patiently Waiting

I've seen a few Craigslist ads where two bedroom apartments in New West or Tri-Cities are being offered in the low 300s and they claim to have rented at $1400-1500. That would be around 20, if its true.

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