A rental apartment in Vancouver is predictable in its form. If it’s not in a three-story walk-up, it’s probably a suite within a multi-unit heritage home, maybe a high-rise apartment in the West End. Or perhaps – in what has become increasingly common over the past 20 years – it’s an investor-owned condo.
Another common theme is how increasingly hard it is to find a vacant rental apartment in Vancouver and rents are climbing. Vancouver’s rental vacancy rate has been persistently hovering below 1% while a healthy vacancy rate should sit up around 3%. Leaving a major gap to be filled in the rental housing supply.
And with an anticipated increase of 1 million people to the region over the next 30 years, the need for more housing isn’t going away.
Renters are faced with a number of challenges beyond higher rents, there’s the instability of occupying someone else’s condo and the substantial repairs of an aging building. It’s time to contribute in a meaningful way and give renters more choice.
With the very recent resurgence of purpose-built rental projects, there is light at the end of the tunnel.