The Ultimate Guide To Renting In Vancouver: What You Need To Know
Vancouver is a beautiful and vibrant city, full of culture and opportunity. But it’s also an expensive city to live in. Before you make the move to Vancouver, there are some key things to consider when renting a property – from understanding how much you should budget for rent, what to look for in your lease agreement, and tips on navigating the local real estate market.
Average Rental Prices in Vancouver
Renting prices in Vancouver can vary greatly depending on where you’re looking. According to PadMapper Canada’s 2020 Rental Report, one bedroom apartments have an average cost of $1900 per month while two bedrooms come with an average price tag of $2700 per month.
“Despite these high rental prices, people continue to flock towards this beautiful Canadian city”, as evidenced by recent reports showing that rental rates have increased 4% since last year alone.
What To Look For In Your Lease Agreement
Lease agreements, or fixed term tenancies (FST), are binding contracts between landlords and tenants in British Columbia outlining the rights and responsibilities of each party during their tenancy period.
“It’s important for both parties to read through your lease carefully before signing anything,” says Jennifer Goldman from Landlord Web Solutions Inc., “and always make sure that any changes made verbally or directly onto the agreement itself are initialed by both parties.”.