Vancouver’s Strong Rental Market

The Vancouver rental market continues to be strong at present, with an average price range per square foot increasing to the $2 to $2.40 range. Immigration to the province in great numbers combined with the strong economy is what is driving this current situation. As a result, the market now features better quality renters, which means that landlords find it easier to rent to good tenants, and have more choice in the tenants they select.

The advent of the Olympics in 2010, and VANOC bringing in consultants for the short term leading up to that date could also have an influence here. In this buoyant market, some rental prices are up 10%. Landlords are permitted by law to raise rents annually, and the maximum allowable is capped at 4%. In the past, when the markets weren’t so strong, it wasn’t advisable to raise rents at that time. Now for the first time in many years, at Downtown Suites we are also raising rents, in keeping with the current market.