As Vancouver’s trusted property management company for the past 30 years, we’ve seen the various changes in the Vancouver real estate market. Vancouver is a very different city now to what it was 20 years ago. We’ve rounded up what you need to know about renting your property in today’s Vancouver rental market.
45% of Vancouver Residents Are Foreign Born
There are only three cities in the word with a higher percentage of foreign born residents than Vancouver (they are Dubai, Brussels and Toronto). There is no reason why you shouldn’t accept a foreign born resident, you may just have to adjust the way you normally do tenant checks. If a person is new to Canada, they won’t have any Canadian credit history, instead you could ask for copies of bank statements or employment contracts.
If you are looking for long-term tenants you should be aware that many young people come to Canada on a two-year visa. This doesn’t necessarily mean they won’t stay longer but it is best to enquire about their position and whether they will be applying to stay in Canada long-term.
A high proportion of the foreign born Vancouver residents are people who have come here from countries like New Zealand, Australia, the UK and Ireland. In these countries, most rental properties are furnished. If you are able to offer your property on a furnished or unfurnished basis, this could make your property more appealing to more tenants and could allow you to rent it at a higher price.
Empty Property Tax
Over the years Vancouver has become a more enticing place to live but as more people moved here, the demand for properties went up – and so did the prices. This year the government put into place the Empty Homes Tax which exists to discourage property owners from leaving their property vacant. The tax was proposed as a way of increasing the number of available properties. The main takeaway from the tax is that if you own a property in Vancouver, the only way you can avoid the hefty tax is by making sure it is occupied for at least 6 months of the year.
Vancouver Transport Links
Years ago, people may have relied on buses and trains more than they do now. While most renters are still looking to be close to a Skytrain station or bus route, shared bike and car schemes are being used more and more. When listing or showcasing your property to potential tenants, if the property isn’t particularly close to a Skytrain station, it may be in a prime position for using Mobi Shaw bikes, Car2Go, Evo Car or Modo cars. Promote this aspect to let potential tenants know they can still easily move around the city. Just last year alone, Evo Car added 250 more vehicles to its fleet to keep up with demand.
If you would like some help in renting out your property in Vancouver’s ever-changing market, contact our property management company today. With over 30 years of Vancouver property management experience, you can feel assured that your property will be in safe hands.