Vancouver’s rental vacancy rate ranks up there with the career of Nicolas Cage as one of the great mysteries of the modern age. (Did you see Wicker Man? If you didn’t, don’t.) The Canada Mortgage and Housing people tell us the vacancy rate is 0.5 per cent. The CMHC are also the same folks who say it was “prudent” to introduce the 40-year mortgage.
Me, I have no idea what the real vacancy rate is but I’ll say it’s higher than 0.5 per cent. A walk in the West End or a search on Craigslist and you’ll discover a plethora of apartments for rent. Trust me, search “available now” and you have to be careful not to crash your browser.
The Rise is one of the few rentals in Vancouver advertised as if it were a condo. Unfortunately, the prices are owner-inspired rather than rental-inspired. To live “above it all” prepare yourself for at least $1,800 a month for a one-bedroom-and-den. Be advised, by “above it all” I mean above the Cambie Street Home Depot. Granted, the green roof is cool. Still, what person would rent at that price when the same money can rent so much more?
As for the vacancy rate, The Rise is 60 per cent occupied. That’s a marketer’s way of saying it’s 40 per cent vacant. There’s also a free rent deal when you sign a one-year lease. Not exactly evidence we’re in a market of high demand.
But hey, what do I know? I’m just a renter.