Cost To Rent A Luxury Two Bedroom Unfurnished Apartment In Desirable High Income Cities, And In Vancouver

– from ‘Sticker shock: Cost of living varies widely’, Mercer, 9 July 2012 [hat-tip clive]

Vancouver rents are pretty much in line with incomes; RE prices aren’t, yet.
– vreaa

29 responses to “Cost To Rent A Luxury Two Bedroom Unfurnished Apartment In Desirable High Income Cities, And In Vancouver

  1. Hmm…I was going through Craigslist rentals yesterday, and although you can get an OK 2-bedroom in Yaletown with $2,200, I don’t think it is considered luxury accommodation. I think it depends on what you call luxury. Anyway, when median income is around $70,000, then $2,200 rent will be slightly more than half of median disposable income.

    • I thought the median income is much lower than $70K? That sounds really high, especially when the average 2 income household total pre-tax income is only $67K or so?

  2. Q: How will we “Redefine how you live”? A: Incorrectly spell the city name where your new condos are located.

    http://www.anony.ws/WXW

    This developer has placed ads for over a month with the same typo. Today it has gone full page, and the typo is still there. The page beside it spells the city name correctly.

  3. Why should they spell the city name correctly when 80%? of the buyers will never bother to learn English. And in Canada to insist they do…. is racist

  4. You should check out San Francisco. My inlaws (when their ex landlord kicked them out) could barely find a 2 br in the city for under 3k, unless you went to Bayview/hunters point, the ghetto areas of the city.

    There are bidding wars in San Fran for rentals. That’s because people actually want to live there.

  5. Renters Revenge

    Renting…FTW!

  6. Renters Revenge

    Someone clearly has no idea what goes on out in the ‘burbs:
    “At the same time, the number of kids running around on Halloween night can also tell you something. Kids are often said to be an “indicator species” for great neighbourhoods.”
    http://www.huffingtonpost.ca/brent-toderian/neighbourhood-trick-or-treat-halloween-community-design_b_2012797.html?utm_hp_ref=canada-british-columbia

    • Yea, too bad a good number of the walk ups in Van are empty specuvestors and another good bunch are from different cultures that have no concept of Halloween let alone English!

      • 4SlicesofCheese

        Never was a problem when I grew up in East Van, and it was as asian as it is now.
        I blame hyper parenting and the internet.
        Kids do not play on the street anymore.

  7. $1,600 in Calgary per month for a 2 bedroom, 2 bathroom, large balcony, U/G parking, fireplace, 2 walk in closets, kitchen island, 9′ floor to ceiling windows…….etc……..etc…………in MIssion (one of the trendiest DT areas) and in the one of “the” nicest purpose built luxury rentals in the city IMHO, all professionally managed by a large national company. A 7 year old high rise beside the river with stunning views in ll 4 directions and 2 blocks from the LRt line.

    The wife and I lived there for 2 years……….want to buy the same thing on the same street ? $500K+ and $500+ a month condo fees plus $150 a month taxes………

    Do the math and don’t forget the lost opportunity cost on your down payment as well………….

    • The Rouleau? Do you still live there now? Because I do. They just jacked the rent up on everybody. My 1 bedroom <700 sq. ft apartment with a view of 3 other apartment buildings (only about half of the units actually have a view, don't lie), went from $1325 to $1740. For a 1 bedroom! They slipped the new lease for the guy coming in under my door early for some reason…

      A $400+ rent increase, and that's with the new mega rich condo building going up across the street. http://www.therivercalgary.com So they want to increase rents with construction right next door for the next 2 years? HAH! I gave them notice a month ago and found a nice bungalow in south Calgary for $1400 with twice the space. I heard that a 2 bedroom with a view of the city was going up to $2000+. I don't know where you're getting $1600 from. Did you not get the rent increase? Or are you living in the ugly Boardwalk building across the street. But that's older than 7 years.

      Can't say I blame them though. Had a hell of a time trying to find another place to rent in Calgary. Vacancy rates are super low and all the management companies know it. THey know people are desperate and have to take whatever they can get, and whatever rate they are charging. Meant to check to see if RealStar is a publically traded company. Wouldn't be a bad idea to buy some shares. I went to numerous open houses which were mass showings. Filled out applications next to other equally desperate people.

      Now that I reread your post it sounds like you don't live there any more. Just wanted to point out that the bargain you had is no longer available.

  8. Do landlords charge extra for expats or something?

    Also, the median salary in London is about the same as Vancouver (the guardian says £27560), yet the rents there are double in that chart.

  9. As for the price. $2,200 will not get you what I call luxury. However, looking at the foreign cities, those prices would not get you “Luxury” either. At least you are comparing apples to apples somewhat. I would say in Vancouver you need to spend close to $3,000 to get a great luxury apartment. In many foreign cities you would need $6,000 and I would say New York would be closer to 8K. In any case- it just goes to show how rediculour or price/rent is.

    • Price-rent. All’s I see these days are yield chasers.

      In terms of negative real rates, corporations must be loving this. They can juice their earnings by recasting their capital structures. They don’t do anything more than hire a couple of dozen accountants and — presto! — earnings forecast upgrade!

  10. Update from “da stream”, apparently Dunbar put on a town hall meeting about the “D” word. (There are actually a few “D” words.) Ironic… it was standing room only!

    On a related note, the other day I was stuck in traffic going out to UBC. I thought to myself how nice it would be if we didn’t have to gum up the entire west side getting there. I’m starting to like the “low density tax” idea, though that’s already here, in a way, through higher property value assessments on standard lots compared to condos that will be occurring over the next couple of years. I hope residents understand the externalities associated with “maintaining neighbourhood character”. I know my view isn’t popular but there she be.

  11. 4SlicesofCheese

    Wife was watching love it or list it.
    The realtor guy showed a couple a condo, list price 499k.
    Condo fees 800/month.
    Wtf.

  12. I don’t think it’s fair to stack Vancouver up against these “desirable, high-income cities” for Vancouver does not fulfill the entire requirements of both. Desirable, yes. High-income, no.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s