There are many reasons why people rent in today’s market. A few weeks ago, Business in Vancouver reported that more and more Vancouverites are choosing to rent, simply for financial reasons. Our last post (Better Off Renting) outlined the finances there.
However, many renters by choice aren’t necessarily obliged to rent – sometimes they rent to be nearer to work, or because they prefer a lifestyle that enables choice and change, or they wish to keep their finances more flexible.
Younger people, couples without kids, people who prefer to maximize their leisure time without the complications of home maintenance will choose to rent. Anyone who is living in Vancouver temporarily, or who might anticipate a transfer to another city, would choose to rent rather than buy today. Wishing to remain mobile and flexible, many younger renters have not yet defined their home-buying requirements, or have yet to commit to one location.
People who have become empty nesters may choose to rent for a few years as they transition from the larger family home to a lifestyle with a smaller footprint. They may wish to travel in winter and rent a smaller apartment for the summer months, for example. As well, some may be taking time to define just exactly what the new lifestyle will be, and like their younger rental counterparts, these people may not yet have defined their ultimate location for home-buying. Some may choose to live in the city for a few more years before retiring to a less urban location, or to Island property which they currently rent out themselves. Naturally, seniors are often renters, as they often find smaller apartments are more suited to their needs, particularly when all maintenance is taken care of.
Of course there some people who must rent, out of necessity. With the high cost of living in Vancouver, rental is the only option for many who are building up savings for that first down payment, or who are using their income for other needs. Students and singles often rent, both of necessity. Families with children feel the crunch when even with two incomes the couple cannot qualify for a mortgage on a single-family house, and they are forced to rent. Single parents are often renters, as are people who are only intending to stay in the city for a short time, or who come and go.
For example, a New York musician who spends three months of the year in Vancouver had an ongoing rental arrangement in which he returned to the same building to rent a suite year after year.
At Downtown Suites we provide quality accommodation for those renters who wish to live in the heart of Vancouver, where many of our suites are within easy walking distance to the downtown core. We always look for the best tenants, and have met some very interesting and reliable people who are now living in Vancouver as renters of the suites we now manage.
