Increase in vacancy rate in Vancouver Leads To Competition Among Landlords
According to a report from CBC News, tenants in Vancouver are getting a break in 2013 as vacancy rates are up compared to last year.
- 2012 was very tight rental market for tenants. This year as rates edge up there are signs some landlords are offering excellent incentives to attract qualified tenants. While landlords in other provinces are seeing new demand for their properties, some Vancouver landlords are even promising not to raise the rent in 2013.
According to Amy Spencer of the B.C. Rental Housing Council, there are a lot of excellent rental buildings in the market owned by some terrific landlords.
What types of incentives are being offered?
1. Hollyburn properties is now offering “open houses” for rental apartments. This allows tenants to come and view the property without having to make a specific appointment time. It also allows tenants who want the place to apply immediately after viewing it.
2. Hollyburn is providing new tenants with a choice of either $200 cash when they move in or free parking for 3 months.
3. Some landlords are offering “no rent increases.”
4. There are various rental buildings offering free high-speed internet.
5. Many places are now upgrading their suites at no extra cost.
Hollyburn representative Allen Wasel says their incentives are designed to get good tenants to come and view their apartments.
Spencer says she thinks it clearly a good time to be a tenant looking for a rental property.
Joy Pecknold is one of these renters. She feels it’s about time tenants received some good news as a lot of renters feel they have been given the “shaft” in 2012.
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