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Victoria's residential rental market


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#101 tjv

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Posted 28 February 2018 - 04:51 PM

Aren't the Townline units north of $1,500 - $2,000 a month though? We are back to the definition of affordable.

what do you expect for new stock?  Its brand new, you don't walk into a car dealership and complain about the price of a new car saying it should be the same price as the 20 year old clunker in the used section. 

 

The vast majority of out old rental stock was built heavily in the 60s and 70s so its basically 50 years old


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#102 VicHockeyFan

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Posted 28 February 2018 - 05:03 PM

I dare say a 50-year old bedroom is about the same as a new one though.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#103 rjag

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Posted 28 February 2018 - 06:16 PM

Some perspective Seattle is building thousands of new rental apartments more than 1000 per month coming on line

Rents for a 1 bedroom is still $1900US

https://amp.business...counting-2017-7

#104 MarkoJ

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Posted 28 February 2018 - 11:43 PM

what do you expect for new stock?  Its brand new, you don't walk into a car dealership and complain about the price of a new car saying it should be the same price as the 20 year old clunker in the used section. 

 

lol....but true. +1


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#105 tjv

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Posted 01 March 2018 - 07:29 AM

I dare say a 50-year old bedroom is about the same as a new one though.

Take the land out of the equation and compare a 50 year old house that hasn't ever been upgraded to a brand new house and there is a massive difference in price


Edited by tjv, 01 March 2018 - 07:31 AM.


#106 VicHockeyFan

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Posted 01 March 2018 - 07:34 AM

Oh, I know.
<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#107 Jackerbie

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Posted 01 March 2018 - 09:25 AM

Some perspective Seattle is building thousands of new rental apartments more than 1000 per month coming on line

Rents for a 1 bedroom is still $1900US

https://amp.business...counting-2017-7

 

Seattle has also been building a ton of new office and commercial buildings (looking at you, Amazon), so while the supply of residential units is going up, so too is the demand for workers downtown.

 

That said, rental vacancy rate is up overall for the region; it's above 5%!

 

Here's an update on apartment builds and rent in Seattle from Jan 2018: https://www.seattlet...ents-sit-empty/


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#108 Mattjvd

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Posted 01 March 2018 - 10:04 AM

Seattle has also been building a ton of new office and commercial buildings (looking at you, Amazon), so while the supply of residential units is going up, so too is the demand for workers downtown.

That said, rental vacancy rate is up overall for the region; it's above 5%!

Here's an update on apartment builds and rent in Seattle from Jan 2018: https://www.seattlet...ents-sit-empty/

Yeah, the article says it needs 9000 new units per year just to keep pace with growth (since 2014). 2017 was the first year to add more than that. 2018 will add even more units than 2017, so I'd expect the price increases to slow.

Edited by Mattjvd, 01 March 2018 - 10:30 AM.


#109 jonny

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Posted 01 March 2018 - 10:14 AM

Yeah, the article says it needs 9000 new units per year just to keep pace with growth (since 2014). 2017 was the first year to add more than that. 2018 will add even more units than 2017, so I'd expect thw price increases to slow.

 

We likely need something like 1,000 per year, and aren't even close to that in the boom times. 

 

Our munis need to look themselves in the face and figure out what they can do to encourage more rental development. Rejecting modest 4 storey proposals in Fairfield ain't the solution to any of these problems. 


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#110 Jason-L

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Posted 01 March 2018 - 12:04 PM

$1,500/mo is plenty affordable for a professional couple.

 

These middle class rental units allow people who can afford to do so move out of basement suites and older, cheaper units, which frees up that housing stock for others. The math is simple. 

Except because the new places are charging $1500/mo for the bacherlor or small 1BR suites, that basement suite you just freed up goes from being the $700 s**tshack to now being a $1100 s**tshack.



#111 VicHockeyFan

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Posted 01 March 2018 - 12:24 PM

There are lots of $1000 and $1100 apartments listed right now. Dominion Rocket has constant turnover on $950 suites.
<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#112 Nparker

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Posted 01 March 2018 - 12:29 PM

...Dominion Rocket has constant turnover on $950 suites.

That's not necessarily a good sign.



#113 VicHockeyFan

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Posted 01 March 2018 - 12:31 PM

It probably isn’t, but it shows suites can be had in that price range.
<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#114 sdwright.vic

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Posted 01 March 2018 - 12:39 PM

The issue is 50 year old crap are raising their rates just as quickly
Predictive text and a tiny keyboard are not my friends!

#115 Nparker

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Posted 01 March 2018 - 12:42 PM

The issue is 50 year old crap are raising their rates just as quickly

Which is still a result of supply and demand. If the market were flooded with unrented suites (even old crappy ones), prices would drop.



#116 VicHockeyFan

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Posted 01 March 2018 - 12:55 PM

I met a guy yesterday that lives in a 15x20 room with all in heat and free laundry, Downtown. $480. Internet too.

Edited by VicHockeyFan, 01 March 2018 - 12:55 PM.

<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#117 jonny

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Posted 01 March 2018 - 01:26 PM

Except because the new places are charging $1500/mo for the bacherlor or small 1BR suites, that basement suite you just freed up goes from being the $700 s**tshack to now being a $1100 s**tshack.

 

I doubt many people are going from living in a $700/mo "shitchack" to a $1,500/mo new build condo-style apartment. 



#118 jonny

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Posted 01 March 2018 - 01:29 PM

If people are concerned that there is not enough rental stock on the lower end of the spectrum, I hope they are all aggressively lobbying their respective municipality. 


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#119 sdwright.vic

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Posted 01 March 2018 - 05:23 PM

I doubt many people are going from living in a $700/mo "shitchack" to a $1,500/mo new build condo-style apartment.


No... from a $1000 a month shitshack though.
Predictive text and a tiny keyboard are not my friends!

#120 tjv

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Posted 01 March 2018 - 05:41 PM

I went on Craigslist just to see how many were out there.  There were 53 places for rent, 1 bedroom and 1 bath for under $1200 per month for Esquimalt, Saanich, Victoria and Oak Bay south of McKenzie.  I don't think that's a lot and if I was a landlord I would be extra picky in who I rented to in addition to jacking the rent as much as I could


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