Vancouver’s extraordinarily low rental emptiness fee has sparked fierce competitors all through the town, from downtown as much as the College of British Columbia.
“The issue right here is we don’t have rental knowledge; it’s a black, opaque market that, until property managers, whom I speak to ceaselessly, it’s all anecdotal, however from what I’m listening to, the rental market could be very robust,” stated Oakwyn Realty’s Steve Saretsky. “There are bidding wars on leases, though I wouldn’t say it occurs in each condominium rental, nevertheless, I’ll say we’ve seen a big pickup during the last three or 4 months. Is the rental market fairly scorching? Yeah, I’d say that’s a good evaluation.”
In truth, in keeping with Canada Mortgage and Housing Company knowledge for purpose-built leases in Vancouver, the emptiness fee declined to 1.4% this month from 2.6% final August.
“We’ve all the time had a low emptiness fee and it’s all the time been a decent market,” stated Saretsky. “Personally, I don’t like how CMHC calculates its emptiness fee, but it surely goes to point out that we’ve by no means overbuilt right here and rents have been steady for the final two or three years. It hasn’t been a really tenant-friendly market.”
About 20 minutes outdoors of downtown Vancouver within the UBC neighbourhood, college students are scrambling for lodging. Paula Azevedo, enterprise growth supervisor for Vancouver-based liv.lease, a rental portal for landlords and tenants alike, says there are roughly 1,100 leases offered by UBC throughout 4 buildings and each one in all them is tenanted—a primary, she added. Utilizing liv.lease’s listings, Azevedo says about 40 residences stay vacant close to the college.
“It’s so loopy. What’s occurring right here is we’re seeing an enormous spike of scholars trying to lease, particularly worldwide college students who want housing earlier than they arrive again to Canada for college,” she stated. “In neighbourhoods like Kitsilano Arbutus, and Dunbar, the stock isn’t even near what’s close to the UBC campus, which remains to be at an all-time low.”
It’s unsurprising, then, to listen to Azevedo speak about how each vacant unit close to campus receives dozens of functions. Furthermore, determined worldwide college students have resorted to paying landlords rents which can be effectively above asking. Contemplating UBC has about 70,000 college students between each campuses, there’s a premium on scholar housing.
“I simply noticed a list for a rental near UBC that had over 100 inquiries—and that was only for one itemizing,” stated Azevedo. “It’s extremely regarding for us as a result of college students are heading again this month and they should safe protected housing. There’s no manner the UBC neighbourhood has sufficient locations to lease.”
liv.lease says every residence unit close to UBC averages 74 every day inquiries, and in an effort to assist, the portal is aiding worldwide college students and new immigrants discover housing earlier than touchdown in Canada.
“We provide contactless looking by connecting college students with landlords to signal leases after occurring digital excursions. We verify to ensure the residences are in reality precisely as they seem in photos,” stated Azevedo. “We additionally assist worldwide college students bypass credit score historical past checks, which they often don’t have once they come right here, whereas we assist landlords discover the proper tenants too.”
However she added that some college students may not be so fortunate.
“The housing market was not like this months in the past, and the best way it’s now, I’m positive college students must search for locations in farther areas, like Surrey, and think about one-hour commutes.”