Business

Vancouver rental units increased in 2012

By Vancity Buzz Staff | 1 year ago | Speak Up

Renters make up half the population of Vancouver, and in the second most expensive housing market in the world, renting for many is the only way to live in one of the “world’s most livable cities.”

In 2012, 1,021 rental units were approved for development. That is three times more than 2010 and 2011. In 2008 and 2009, no new rental units were approved.

Of the 1,021 rental units approved by the development board, 60% of them are from the rental apartment/commercial towers approved adjacent to Rogers Arena. The Rogers Arena rental towers, the second largest rental housing development ever to take place in Vancouver, has been applauded by many, however, some argue that with housing so close to busy, noisy stadiums it is a recipe for disaster and has essentially killed the plans for a second entertainment district in the city.

The West End continues to be a renters paradise of sorts (80% of area residents are renters) and an additional 186 units have been approved for 1401 Comox Street, the first new rental unit built in nearly a decade.

1401 Comox

1401 Comox rental tower in the West End

This is all welcome news to renters in the city. However, rates are expected to remain the same.

 

Image by: Battle Royale1

 

 

Speak Up

  • Vancouver_lover

    “Renting for many is the only way to live in one of the world’s most livable cities”

    1. Do I really need to explain the irony?

    2. These “livable city” rankings are completely subjective and frankly meaningless. One man’s trash is another man’s gold…

    3. Rather than constantly tooting our horns about living in the “best place in the world” (especially when using superficial rankings as a basis for said attitude), a culture of humility and self-depreciating humour would serve this city well.

  • http://twitter.com/Dorerobo Jordan

    Glad i’m not the only one who paused after reading that, lol.
    Vancouver is that pretty girl/man with no brain, nice to look but don’t try to dig any deeper, it’s shallow.

  • Bbehnia11

     Amen to both of you.