The State of the Rental Market in Greater Vancouver

The rental market is complicated and fast-changing. As we look into the future, a multitude of changes and trends in the real estate market will impact various aspects of the rental industry. As a market player, ENM Construction Management implements well-planned measures to meet the industry’s changing demands in Greater Vancouver.

Many factors contribute to the rental market trend, such as demographics, interest rates, and income. Here is a brief discussion of some of the main reasons rents continue to soar in Greater Vancouver:

•     Rapid price growth in entry-level homes
Current renters who want to purchase their first property, are faced with the dilemma of rising carrying costs and required down payments. This is one of the reasons many people are choosing to rental instead.

•     Migration to the region
Vancouver is a desirable place to live and with many people from other provinces coming to the city because of its strong labor market. This is evident in current reports showing that rental housing market has been operating at “two speeds” since the second quarter of 2016.

•    Choosing to commute

People who commute to work wish to live near transit. Rental housing can provide this option, particularly where homes aren’t affordable or available along transit routes.

Recent reports show that the rental market in Greater Vancouver is still one of the toughest in the country. As rental demands continue to soar, the market also becomes tighter. If you are planning to enter the market, here are some of the opportunities that you need to consider.

 

The Need for Affordable Rental Housing
Affordability is a constant concern for people looking for housing in Metro Vancovuer. With the average rental rate at over $1500/mo,  unique selling proposition that marketers rely on, and renters long for. Hence, as a marketer, you need to focus on building the affordability of your rental housing.

Population Shifts
More people come to Greater Vancouver because of the vast labor opportunities it offers. This increases the demand for rental housing as people new to the area typically choose to rent before purchasing a home.

Competitive Landscape
Reports show that rental vacancy rates in Greater Vancouver remain below 1 percent. The demand for rental accommodation exceeds the supply of homes which not only increases rental rates, but also means there are multiple parties vying for each home.

Dan Greenhalgh and Colin Lacey built the firm to create rental housing opportunities for residents of Great Vancouver. The team is dedicated to bringing the community together by partnering with various organizations in developing their rental spaces.

 

ENM Construction Management specializes in construction and development management that focuses on creating rental house opportunities in the Fraser Valley. Our team is dedicated to delivering projects on time, on the budget, and with integrity.