Mid-October Rental Review

Why are higher end rental suites in Vancouver bringing in fewer people per viewing?

At Downtown Suites we offer many condos and apartments in today’s rental market.
We have seen that the higher end suites ranging from $2000 per month and more are bringing in fewer people per viewing. What contributes to the lower number of viewers coming to the showings of these suites?

One of the factors is the new suites rapidly coming on the Vancouver rental market left, right and center. We have theShangri-La,The Ritz, H&H, The Grace,The George,The Sapphire, and many others that are completing or have been completed. Suites there are often sitting empty because there is an overwhelming number of suites available in Vancouver with not enough people able to or wanting to rent.

This has a trickle effect on the rest of the rental market because prices are going down.
If these new higher-end suites are sitting empty, the owners must lower their rent.
This in turn brings all the other rental listings down, because if you have a suite that is for $2500 in a decent place, then see that the Shangri-La has one of their listing at $2500, it is heavy competition for the other suite to try and match the Shangri-La. So in response to that, the owner would have to lower their rent to be able to rent out the suite and not lose any money. Thus this is a domino effect on the rest of the rental market.

Furthermore people unsuccessfully trying to sell their property, are now putting their suites up for rent. This is contributing to the massive availability in the current rental market.

Nonetheless, all of the suites we have shown this month have seen a positive response, and great deal of interest. It is true that if rental suites are priced right, the suitable renter is not far behind.

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