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The residential rental market


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#21 mat

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Posted 14 January 2009 - 11:21 PM

On the other side of this there is now of flood of second suites and rooms being advertised on student websites, like Uvic Housing. Looks like allot of homes are looking for income from renting - and the per room cost is coming down for the 1st time in 5 years.

#22 Ms. B. Havin

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Posted 15 January 2009 - 01:47 PM

Yes, I've been seeing more "apartment for rent" signs, too. That's good news (for people looking for a place), I hope.
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#23 Rob Randall

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Posted 26 July 2014 - 09:01 PM

Here's something funny: we were browsing Used Victoria today and scrolled upon a David Burr rental listing that used the exact MLS photographs my Realtor commissioned when I was selling it several years ago. 

 

39896753_934.jpg

 

Yes, the photos illustrating this fourth floor rental suite were actually taken in what was my smaller third floor unit. Professional photos my Realtor paid for (or I paid for, really). I thought that was pretty audacious of them.

 

Apparently once photos have been posted on MLS they belong to the system; any Realtor can use them. If Realtor B poaches Realtor A's client, he can also poach his photos and other info he's researched. Not very gracious but that's the rule.

 

I would be very cautious when renting a property using David Burr. What you get may not be what you see. 


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#24 Mike K.

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Posted 27 July 2014 - 07:54 AM

Isn't The Condo Group affiliated with David Burr Properties?

Now technically isn't it a scam if what is being advertised is not what is actually being made available?
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#25 rambaldi

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Posted 27 July 2014 - 04:40 PM

Pacifica's Housing's The Wing has vacancies.

 

2 Bedroom
Rent: $1,685
Loft Unit- Newer building, 5 appliances, pet friendly, cable included! ((Vic West)) The Wing is a non-smoking building located in Vic West. This building is minutes from downtown, close to major bus routes, and adjacent to the Westside Village Shopping Centre. Monthly rent for this unit is $1685.00 and includes: -Open concept kitchen with fridge, stove, and dishwasher -Insuite laundry -3 Piece bathroom with soaker tub -Hot water -Shaw Classic cable (3 tiers)  
 
I thought there were waiting lists for these types of rentals...

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#26 mcmusty

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Posted 27 July 2014 - 05:14 PM

Apparently once photos have been posted on MLS they belong to the system; any Realtor can use them. If Realtor B poaches Realtor A's client, he can also poach his photos and other info he's researched. Not very gracious but that's the rule.

 

Photo's attached to an MLS listing are property of the listing agent (or the client if they paid directly for the photos). Another agent from a different brokerage can't go use the photo's of that listing if they do not have explicit permission. 

 

It sounds like in this situation your listing agent recycled the photos for a rental listing in the same building, despite it not being the unit actually advertised. 



#27 Layne French

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Posted 26 August 2014 - 06:34 PM

 

Pacifica's Housing's The Wing has vacancies.

 

2 Bedroom
Rent: $1,685
Loft Unit- Newer building, 5 appliances, pet friendly, cable included! ((Vic West)) The Wing is a non-smoking building located in Vic West. This building is minutes from downtown, close to major bus routes, and adjacent to the Westside Village Shopping Centre. Monthly rent for this unit is $1685.00 and includes: -Open concept kitchen with fridge, stove, and dishwasher -Insuite laundry -3 Piece bathroom with soaker tub -Hot water -Shaw Classic cable (3 tiers)  
 
I thought there were waiting lists for these types of rentals...

 

Its a mixed market model, some of the units are rented at "market rent" to generate revenue which is used to subsidize the affordable units. This I would suggest is most likely a market unit that your seeing advertised



#28 tedward

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Posted 27 August 2014 - 09:24 AM

Its a mixed market model, some of the units are rented at "market rent" to generate revenue which is used to subsidize the affordable units. This I would suggest is most likely a market unit that your seeing advertised

 

There was time not so long ago when they had waiting lists for the "market" suites as well.


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#29 Szeven

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Posted 12 February 2015 - 09:03 PM

Has anyone added up the new rental units proposed and under construction and added them to the existing stock? Every 2nd building these days seems to be a ton of rentals. What is the vacancy rate around town?

It has me wondering what types of units will be hurt the most in the coming years if demand does not improve. As a possibly relevant anecdote a friend of mine was commenting how secondary suite prices in their neighbourhood had fallen by over 10% on average over the last year from his research.

#30 Mixed365

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Posted 12 February 2015 - 09:11 PM

Has anyone added up the new rental units proposed and under construction and added them to the existing stock? Every 2nd building these days seems to be a ton of rentals. What is the vacancy rate around town?

It has me wondering what types of units will be hurt the most in the coming years if demand does not improve. As a possibly relevant anecdote a friend of mine was commenting how secondary suite prices in their neighbourhood had fallen by over 10% on average over the last year from his research.

I totally agree. 

Customs House, Hudson Walk, Sawyer Building, Empress Rental, Domion Rocket Residences, 819 Yates St. 

That must be over 600 suites. (total ballpark guess)

Any other buildings I'm missing?


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#31 Mike K.

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Posted 12 February 2015 - 10:02 PM

Add 1075 Pandora and Azurro (across from the arena) to that list :)

I'd say ~750 is pretty close. Three to four years away, of course.
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#32 Mixed365

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Posted 12 February 2015 - 11:02 PM

Add 1075 Pandora and Azurro (across from the arena) to that list :)

I'd say ~750 is pretty close. Three to four years away, of course.

Nice ones! Closer to completion we should count them. Really curious if the market an absorb all that. 

What about Monty's turning into rental via UVic Properties?
 


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#33 pherthyl

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Posted 13 February 2015 - 02:46 AM

Nice ones! Closer to completion we should count them. Really curious if the market an absorb all that. 

 

 

Rental vacancy has been heading down again after a period of time at elevated levels so I don't see a big problem by the time these come online.   But we're not at the super tight 0.5% like we have been.



#34 Mike K.

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Posted 13 February 2015 - 08:21 AM

Montys is becoming a rental?

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#35 Mixed365

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Posted 13 February 2015 - 12:49 PM

Montys is becoming a rental?

Maybe I am totally incorrect, but I swear I read something on VV that one of those buildings is being turned into student housing?


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#36 sdwright.vic

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Posted 13 February 2015 - 01:01 PM

The Dalton is going to have UVIC students. The Monty'so building is for sale. Failed League project.
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#37 Mixed365

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Posted 13 February 2015 - 01:15 PM

The Dalton is going to have UVIC students. The Monty'so building is for sale. Failed League project.

The Dalton! That was it!

Add it to the list  ;)


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#38 Mike K.

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Posted 13 February 2015 - 01:27 PM

The Dalton is Rocket Residences now :)

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#39 sdwright.vic

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Posted 13 February 2015 - 03:49 PM

Or fully "The Rocket Residences at the Dalton". :P
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#40 jonny

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Posted 13 February 2015 - 04:02 PM

^ And it's still zoned as a hotel, so is it really rental residences anyway?


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