Vancouver Rental Market Summary 2011
Metro Vancouver: Metro Vancouver’s purpose-built rental market tightened to a 1.4 per cent vacancy rate, down from 1.9 per cent in 2010 as demand rose on modest gains in regional employment, increased rental affordability vis-à-vis home ownership, and continued population gains. Average rents rose 2.3 per cent in 2011, down slightly from the 2.6 per cent gain in 2010.
It is well known that in addition to the purpose-built rental stock, private investors of condominium apartment units, town homes, and other secondary suites are the key drivers of growth of Metro Vancouver’s rental stock. CMHC estimated that 25.7 per cent of the apartment condominium stock in Metro Vancouver was rental property. Despite a rental premium associated with these units, reflecting generally newer units and added amenities, the estimated vacancy rate for condominium apartments was lower than for the purpose-built stock at a minute 0.9 per cent, down from 2.2 per cent in 2010. The average rent for a two-bedroom condominium apartment rental unit was $1,663 which compares with $1,237 for a two-bedroom purpose-built rental unit.
Tina Mak Personal Real Estate Corporation
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