The New Rental Market

We’ve been talking about the changes in the market and the need for rental reductions to reflect this situation. Here’s an example.

Some recent Kitsilano Heritage house short term tenants have just rented a one bedroom apartment fully furnished (for long term) and equipped on the 23rd floor of a fairly new building close to the Beach Crescent neighbourhood in downtown. The suite has sweeping views etc. for $1600 a month utilities included!

This price is indicative of where the market is returning to.