Vancouver Condo Real Estate Video Blog #609 - October 6, 2010
Vancouver Condo Rentals Are Down From The Year Before and Vacancy Is Up
Ian
Watt video blogs about the Downtown Vancouver condo rental market and
how rentals are down from a year before and vacancy rates are up.
Certainly studios and 1 bedrooms are the best bet but 2 bedrooms and
luxury 1 year rentals leases are not as sought after as years past. If
you want to voice your opinion or if you don't care for Ian's comments
please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.
Ian Watt: Hi, Good afternoon! It's Ian Watt in Downtown Vancouver. Want to talk to you about the rental situation in the Downtown core. If you think you will find for an investment think about this. The rental market is a lot softer than it was in the years past. Here's an indication in my complex where I own there were 50 move outs the last day of the month. They were four move ins the first day of October or scheduled for today. That's how much it changed the rental market is softer were seeing a lot of people moved out of the Downtown core just because the price are quiet steep and what it happened was, after the Olympics well before the Olympics I should say, a lot of people were thinking they're gonna get bucks they didn't. What happened after the Olympics a lot of construction workers, a lot of people here for the games had left and now what were seeing. Now all the renewals are coming up November, December, January and people are just not paying the prices that they paidly year before. So were seeing people that moving out the Downtown core as far as rentals are concern. So something that couldn't rented and mind you I don't do rentals but something could that have rented for twenty two hundred before is probably getting about eighteen hundred a month now. It's dramatically changed. So think about that when your buying an investment like I always say there's only two reasons to buy in Downtown Vancouver. One is your lifestyle and the other one is for security because we never go down to zero. But it's not a cash flowing business to buy and investment in Downtown Vancouver and rented out on a one year lease. My name is Ian Watt and if you have any questions. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!