At first glance, the Vancouver Real Estate rental market seems pretty large and broad.
For many Canadians, this kind of accommodation is very common. For some people, this style of living gives them freedom, choice, and lack of financial obligations to the bank (mortgages.) Others, prefer renting due to an unstable financial situation, a lack of a permanent and/or well paid job, and an inability to get bank financing.
For most new immigrants, rental accommodation is the only opportunity to get settled in certain places in Canada, right after arrival. Often, living in rental accommodations, goes on for several years until people get adapted to new circumstances to the extent in which they are able to choose another alternative, which is why the choices they make are very important.
The Vancouver rental market, like in other Canadian cities, in the last 3-4 years has become significantly pricier. This is explained in many ways including a very appealing image of Vancouver to which lots of people from all over the world are attracted and want to attain.
Normally, all rental accommodations become available for rent on the 1st of the month; only a small portion of what is left is available for rent on the 15th. For this reason, it is recommended to start looking at least 1-1.5 months prior to arrival.
The price depends on many factors such as; quality of living, area of town, type of building, whether it is a private home, condo, or rental building.
In prestigious areas of town, a one bedrooms in rental buildings vary from $1200-$1400.
A privately owned condo, can be anywhere from $1300-$1800.
In more remote areas of town, a similar type of place can be $100-$200 cheaper.
The most affordable type of accommodation is a part of a privately owned home with a separate entrance. This type of rental can be anywhere from $900-$1200.
Many different factors come in to play that determine the price, such as: size, quality of interior, as well as the utilities included. It is important whether things like: heat, hot water, and internet are included. All of the following things should be negotiated with the landlord due to the fact that all of these things can change the price significantly.
Upon signing the rental agreement, references need to be provided from somebody who helps you acquire the rental property.
There are two types of rental agreements: lease and/or month to month. A lease typically lasts from six months to one year. Preferably, it is best to find a month to month tenancy which provides flexibility to move. If you do decide to change accommodation, there are no fees or hidden penalties. If you are breaking a long term lease, you’ve still got to pay the remainder of what is on the agreement; For example, if you end a one year lease at 7 months, you are still liable to pay the remainder of the lease, in this case being 5 months.
To sum it up, if you pay $1000 a month, you still owe $5000.
Upon signing the rental agreement, you are liable to pay the security deposit in the sum of half of one months rent. The security deposit is returned to you at the end of your term if the premises are kept in good condition, with no damages. If there are damages caused by you, the deposit may not be returned, or only returned partially.
All of the above information applies to non pet friendly accommodations.
If you are moving to BC with your pets, the task of finding rental accommodations becomes significantly more challenging, due to the fact that 90% of rental properties do not allow pets. The remainder of what is left which is pet friendly, only allows one pet, cats preferred. If it is a dog, its weight should not be more than twenty pounds. Larger sized dogs, may be accepted only in certain circumstances, in private houses.
In most rental buildings, dogs are not allowed. Usually, buildings that do allow pets are situated in more remote areas of town. Often, the quality of such accommodations is a lower standard, with a higher price.
If you are in the market to find good quality accommodations, we recommend to use the help of someone who knows the Real Estate market well, and can negotiate properly.
This will help you save time and money.
Janet (604) 306-9876
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