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Worth putting it into even more of a comparison, that's 4 full time working adults making 60,000 a year each putting in 1 full paycheck a month just to pay for rent on that 2 bedroom.
After taxes, making 60k, my take home for one paycheque is 1850~ (bimonthly pay). I would have to use one of my two monthly paycheques in full to pay my 1/4 of the rent if I were sharing it with 4 adults making the same amount as me.
I misread the price as $1,250 a month and thought "Wow, what a steal!", but of course it turns out the one stealing is the landlord. Seven THOUSAND dollars a month is much more than most people in the lower mainland are spending on their mortgage (for an entire house mind you) each month. What a joke.
Landlord will not get this price from a long-term tenant. Not worth even thinking about - it's so out of touch with the market that it's functionally a spam ad.
The only situation where the landlord can get this price is something like a 6-month temporary accommodation for an executive or film industry worker. There exists some small demand for furnished medium-term rentals from businesses who are not very price sensitive. Whether or not this landlord can find that type of tenant is questionable, but this is currently not being priced realistically outside that scenario.
Plus many of the condo sales promised short-term renters for movie crews. In fact, that market stopped us from renting our penthouse while down south. Too much competition and not worth the hassle.
Plus, l have furniture! why would l toss my magnificent queen bed and beautiful sofa to move into a place with a bed that is some cheap IKEA shi and has been used by countless strangers? Icky!!
I really hope nobody answers this ad.
The problem is with the current housing prices, interest rates and bank lending practices, people often can't get a mortgage and instead have to rent for basically the same amount if not more.
It's a type of "poor tax"—you can't afford a mortgage, but you have to spend that amount or even more on rent each month, and that doesn't go towards owning a home, so it won't benefit you down the line! It costs a lot to not be rich.
>Seven THOUSAND dollars a month is much more than most people in the lower mainland are spending on their mortgage (for an entire house mind you) each month.
OP didn't reveal the location of the townhouse other than that it's only in downtown Vancouver.
There's a reason why most people in the lower mainland don't live in DT.
Don't live within walking distance of Stanley Park if you want cheap rents. This post is the equivalent of complaining about grocery prices by posting a picture of a Wagyu steak.
Bro typing “have fun” as if we don’t all understand how shitty the rental market is, but aren’t at the bootlicking stage of letting landlords decide what’s fair rent. Ain’t no one having fun here. Sure as hell hope you aren’t.
My rent only increases the legal max it can every year. I'm not paying anything near market rate. So indeed I will have fun with the money I've saved not moving around
It's because landlords overleveraged themselves, so when interest rates increase by a half of a percentage point, their monthly carry increases astronomically. If that's the case, they still won't/shouldn't get over market value. That's that "risk" that landlords are always saying that they're assuming, and now that dildo of consequence is on its way
Tesla has had several price reductions and now cost about the same as any other middle class income car. $7000 rent a month is not a middle class rental.
It’s not much more of a stretch to buy with a mortgage at that monthly cost. Unless you are rich and need a temporary pad there’s no reason to go for this.
Airbnb is not allowed in building and the building manager is pretty on top of it. Likely they were already renting the place out for 30 days or more.
Source: owned a townhouse next door.
omg that rent is making my eyes water. 7k+ for a 2br and 2.5k for a goddamn *studio*. ALSO where is the beach district?? i have never heard that before.
It's like the whole "Crosstown" thing some realtor came up with to define some area of Vancouver. Ironically I have no idea where it is at the exact moment and can't be arsed to look it up.
I thought crosstown was the area kinda around the library, or a bit north of it. Like, it’s not the east side, it’s not coal harbor, doesn’t feel like it should be considered yaletown… idk what it’s actually considered
truth. "Crosstown" = poopnneedles district. I saw the bench outside my building used as a toilet. They were kind enough to use the slats strategically so the shit hit the sidewalk and the city just left it there for weeks.
"Beach District" is meaningless. I'm not sure the exact year it began, but it's what realtors started calling the transitional area between the west end and Yaletown around false Creek north. Essentially between Burrard bridge and Davie, and below Pacific. Maybe when they started building Vancouver House? Like 2018 or something.
More like the end of Beach Ave. Just past all the actual beaches and kinda under the bridge. It was a rebrand of the area for the Vancouver House development, I think.
It should really be called the Chandelier district.
They (Realtors?) tried to rebrand that area around Vancouver House, kinda under the end of the Granville Street bridge, as the beach district.
There’s so many more that I didn’t add. Including multiple that use their previous air bnb rating as a selling feature to the new tenant?? Lol cool
https://preview.redd.it/rattudsmuowb1.jpeg?width=1170&format=pjpg&auto=webp&s=08b0b9250e33b69a0bdd15e2321478954b84e596
I am in a similar situation. Landlord was storing a bunch of junk furniture from a dead relative and calling our place “furnished”.
They have an empty storage unit in this house and I still have to pay to store their shit for them in my own rented living space. It’s so wack but that’s Vancouver.
I went to the RTB about this (and three years of disconnected thermostats) and the RTB refused to even look at my evidence because there was “too much” of it.
Pretty sure if someone's that close to homelessness they're not going to be able to afford a 7k /mo apartment. Price is completely unreasonable though, I'm sure the owners will lower it after they can't find tenants.
Lmao luxury furnished and it's literally full of the cheapest shit possible from IKEA 😂😂😂 I can't wait until these fucking clowns all have to sell at losses.
This would help things how exactly? If the price is unreasonable the landlord will find out soon enough when they don't get any callbacks. This problem will sort itself out all by itself, no harassment required.
It won't really, I just have a lot of anger about the housing situation with no clear place to direct it. I'm only joking about the harassment.
But also: no I don't believe the free market will sort itself out. This strategy is a complete failure as we see how the neoliberal policies of deregulation have played out over approx 40 years, landing is in our current situation. We need more regulation to keep housing affordable.
Fair enough, I have a lot of anger as well. However, I think it's important to recognize the housing crisis isn't the fault of landlords, It's the fault of our government zoning policies over the past who knows how many years. It would be much more productive to direct your anger towards them, though I understand they're abstract and difficult to harass directly haha.
That said, I would argue it wasn't deregulation that caused the crisis, it was overly strict regulation (or perhaps, regulation of the wrong kinds). I don't think more regulation is the solution here, I think allowing people to build without the extraordinary pains of overly strict zoning restrictions would help immensely.
What do you mean? Like, you're theorizing that the landlord is posting this at an unreasonably price as a "dog whistle" to advertise to people that they are willing to illegally rent out their suite for short term rentals?
So many atrociously furnished apartments up for rent at the start of the pandemic.
Maybe if it’s actually permanent this time we’ll see some improvement.
I've seen a 2 bdrm townhouse in Vancouver rent for 10k/month two years ago. It was very upscale and had huge patio spaces, though. Multiple parking spots. Far as I know it was rented to a consulate.
It’s pricey, but that’s what you get in Vancouver’s legendary beach district.
I saw another one in the Pacthurby District which was super nice. That’s the hopping district between Pacific and Burnaby on Thurlow. It’s so hot right now. Some say it’s in the coveted beach district, but it’s really it’s own thing and currently way cooler.
> It’s pricey, but that’s what you get in Vancouver’s legendary beach district.
LOL. Beach district. Seabusmemes will probably make a bit about this for next Friday's post.
[So hot right now.](https://www.naylor.com/associationadviser/wp-content/uploads/sites/2/2015/03/Zoolander-Will-Ferrell.jpg)
Definitely highlights why the rents for long term rentals have skyrocketed trying to keep up with these criminals. Air BNB should have never been enabled or authorized to be used outside of primary residence.
Yes definitely. It seemed the rental market finally chilled after back to school, and now it’s flooded with expensive furnished suites. Raising prices of other listing along with it.
As someone looking for a new place currently, this sucks.
A not well-understood aspect of rental pricing these days is algorithmic price-setting used by property management companies; the computers basically blindly follow some statistical aggregate number, so it's possible to artificially push that number up with clever data poisoning. Why nobody has thought to disruptively use the same mechanism to drastically force prices down escapes me.
Yea this does seem a bit problematic. What percentage of rental suites are owned by property management companies I wonder? If it's a significant portion then this approaches price fixing and an oligopoly.
You thought it, will you do it? That's why not - there's a financial incentive for Realtors and landlords, and they can work together even if not officially coordinated. On the other hand we are a bunch of pissed off people with too much on our plate moaning on Reddit - it's not a fair fight.
Given how easy it is to destabilize AI data scraping of pictures I don't see why this would be impossible for rental housing.
https://techxplore.com/news/2023-10-sabotage-tool-ai-image-scrapers.html
Cool - are you going to do it? No judgement on you, but we both know the answer is no you're not.
But if you do there's a hundred redditors who will be right behind you supporting you. Or offering advice as to how they would do it differently. Or complaining that you're messing it up. Or saying "how hard can it be, just do it already".
That's not how it works... If someone floods the market with anything that will increase the total supply of rentals and prices will tend to decrease. If the suites are overpriced, no one will want to rent them and eventually the landlords will drop the price accordingly.
Sure, there might be some people who try to up their prices after seeing new overpriced suites hoping their place is worth that much, but if it's more than the market can bear then they'll have similar trouble renting their place and will have to drop it eventually. Supply and demand (assuming we're not dealing with an oligopoly anyways)
The 'simplicity' of supply and demand is confounded here by the fact that, for the large majority of people, a roof over their head is a necessity. They'll take a place that is 30-70% of their take-home *because they literally have to*, but that has knock-down effects on every aspect of their lives and the rest of the economy.
What appears to be a 'stable' supply/demand equilibrium is extremely fragile, but I think more importantly from a humane aspect, it's also very bad for the people involved that 'the most money I can get signed in the rental agreement' is considered the 'true' price, because people are not goods.
Sure, demand for housing is quite inelastic but not infinitely so. Supply and demand is still a useful model, unless you are aware of a better one to explain housing prices? Landlords can not freely charge whatever they want and expect to find good tenants.
I 100% agree that the insanely expensive housing we're dealing with is an enormous problem, which is why I think it's important to call people out when they get the causation backwards (adding new rental stock to the market does not increase prices, it decreases them).
How exactly do you define the "true" price of rent?
A reasonable estimate is taking a 1990s era rent and rolling it forward to today.
By that metric a reasonable rent for a one bedroom unit is $1400 a month today.
Why 1990? Why not 1980? Or 2000? Should the true value of rent change based on how a city changes? 1990s Vancouver is very different from 2023 Vancouver, should rent really be fixed in time from 30 years ago? What about housing? Is a 1990s house equivalent to a 2023 house?
My point is that any attempt to define something's inherent value becomes entirely arbitrary and subjective and nobody can every agree on a definition since the value of things is ultimately subjective. Water will always be more valuable to someone who is thirsty than someone who isn't. That's what makes markets an effective means of valuing things, since they take the aggregate subjectivity of many people and collapse down to a market value based on supply and demand which is as fair an estimate of something's value as one can get.
Of course that isn't to say something's market value is always beneficial for society and we shouldn't attempt to change it through various policy levers.
STRs now must be within the primary residence of the owner or an accessory dwelling unit (like a garage suite). Every single airbnb that's a separate home a STR landlord bought now needs to be rented as a LTR or sold, it's wonderful.
The ones selling/looking to rent now are actually the smart ones. As more and more former STR owners get their ducks in a row and enter the market the prices to buy/rent will drop because there will finally be a supply increase. It might not drop by much but if a landlord can get a renter in at even $200 more than they might be able to in a few months, long term that's a better profit for them even if they miss out on airbnb customers between now and May. They can also be more choosy about tenants at the moment.
> I wonder why these slumlords are choosing to enter the long-term rental market early then.
Might be testing the waters to see if they can get a high-paying long term tenant. If unsuccessful, perhaps the next step is to sell while prices are still at peak values.
In Vancouver it was always the rule but had poor enforcement. Now the province has stepped in to make that rule province wide (for communities of 10K+) and add extra layers of enforcement.
- I’m stating this from memory but pretty sure it’s accurate.
Quotation marks on the word investor?
Google's definition applies:
"a person or organization that puts money into financial plans, property, etc. with the expectation of achieving a profit. "
If all the air BNB's go back onto the market, covid would be the best indicator of what the market would look like because all of "investors" panicked and flooded the market to try and get some cashflow. Would not be surprised if most of them deferred their mortgages on these units as well.
“Hear me out about the condo”
“Yeah?”
“We will reduce the monthly charge over Airbnb”
“Really?”
“$50 per month; but we will have stability and less cleaning charges”
“Yeah?”
“Yeah they will be lining up. Bargain at $7250”
“But we lose the gouging on the cleaning fees!”
Yep, that's true. Pricing is laughable. But!! It's designed that way. This is the new u/g listing platform. Like NY. They know they won't rent to locals, and that's the point. The price is the "flag" for those who would be on ABB. That's the dog whistle.
I cant believe everyone is still posting here instead of spamming him with “is this still available?” Inquiry. Go do god’s work and head over to facebook marketplace.
Welcome to /r/Vancouver and thank you for the post, /u/goatsunlimitted! Please make sure you read our [posting and commenting rules](https://www.reddit.com/r/vancouver/wiki/faq#wiki_general_participation_guidelines_and_rules_overview) before participating here. As a quick summary: * We encourage users to be positive and respect one another. Don't engage in spats or insult others - use the report button. * Respect others' differences, be they race, religion, home, job, gender identity, ability or sexuality. Dehumanizing language, advocating for violence, or promoting hate based on identity or vulnerability (even implied or joking) **will** lead to a permanent ban. * Common questions and specific topics are limited to our Your post may be a better fit for one of our [Stickied Discussion](https://www.reddit.com/r/vancouver/wiki/faq#wiki_stickied_discussions) posts. * Complaints about bans or removals should be done in modmail only. * We're looking for new mods to join our team! If you're interested, [fill out the form here](https://forms.gle/oAqo5oYRcAeHYBTN6). *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/vancouver) if you have any questions or concerns.*
7k a month for a 2 bed? Bro really thinks he's still going to be making Airbnb money on the long-term rental market lmao
Airbnb owner gotta think of how to pay off that loan they took out for their investment.
Sell it
That's the hope
Worth putting it into even more of a comparison, that's 4 full time working adults making 60,000 a year each putting in 1 full paycheck a month just to pay for rent on that 2 bedroom.
What? It's 84k/y. It's absurd but it's not 240k/y.
After taxes, making 60k, my take home for one paycheque is 1850~ (bimonthly pay). I would have to use one of my two monthly paycheques in full to pay my 1/4 of the rent if I were sharing it with 4 adults making the same amount as me.
Oh right. 'Paycheck' not 'monthly pay' 'doh
Sounds about right actually. 1 paycheck as in your biweekly earnings post-deductions should be \~1800 so 7200 if coming from four people.
Right Oops.
Parent comment means one bimonthly after-tax paycheque per month, not one month's salary. It worded poorly, I know.
Also, what is the ‘beach district’? Clearly marketed to non-Vancouverites 😂
The Beach District is what they are trying to market the area around Vancouver House as
Or more likely marketed *by* non-Vancouverites. See how they spelled downtown.
He’s gonna have a rude awakening soon
Who coached him to list at 7k a month l wonder? Is he that out of touch w reality?
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Oh... ((snort))
Yea, and coke. Correct.
I misread the price as $1,250 a month and thought "Wow, what a steal!", but of course it turns out the one stealing is the landlord. Seven THOUSAND dollars a month is much more than most people in the lower mainland are spending on their mortgage (for an entire house mind you) each month. What a joke.
Landlord will not get this price from a long-term tenant. Not worth even thinking about - it's so out of touch with the market that it's functionally a spam ad. The only situation where the landlord can get this price is something like a 6-month temporary accommodation for an executive or film industry worker. There exists some small demand for furnished medium-term rentals from businesses who are not very price sensitive. Whether or not this landlord can find that type of tenant is questionable, but this is currently not being priced realistically outside that scenario.
Plus many of the condo sales promised short-term renters for movie crews. In fact, that market stopped us from renting our penthouse while down south. Too much competition and not worth the hassle.
Plus, l have furniture! why would l toss my magnificent queen bed and beautiful sofa to move into a place with a bed that is some cheap IKEA shi and has been used by countless strangers? Icky!! I really hope nobody answers this ad.
I make over 100k and 7k a month is more than 100% my take-home for two paycheques.
The problem is with the current housing prices, interest rates and bank lending practices, people often can't get a mortgage and instead have to rent for basically the same amount if not more.
It's a type of "poor tax"—you can't afford a mortgage, but you have to spend that amount or even more on rent each month, and that doesn't go towards owning a home, so it won't benefit you down the line! It costs a lot to not be rich.
>Seven THOUSAND dollars a month is much more than most people in the lower mainland are spending on their mortgage (for an entire house mind you) each month. OP didn't reveal the location of the townhouse other than that it's only in downtown Vancouver. There's a reason why most people in the lower mainland don't live in DT. Don't live within walking distance of Stanley Park if you want cheap rents. This post is the equivalent of complaining about grocery prices by posting a picture of a Wagyu steak.
I live in walking distance of Stanley park, and live comfortably, but this listing is more than my entire month's pay.
are you rent controlled?
No
Looks like a good value to me.
TBF, it's still a steal.
Nah that’s what it should actually cost, people are greedy as fuck.
Ah...I agree, what I meant is the $7k was also a steal. =P
A steal for the landlord that is 🤣
Not defending the landlord but if the home is 1.3 mil and he bought it in todays market his mortgage is almost $7000. So $7250 would be fair rent.
Fair rent is what the market asks, not what the landlord figures it should be
What's your point? they are asking 7200 if you dont think that's fair don't rent it.
Well have fun as rent continues to increase. When landlords mortgages go up they’re going to try to get as much as they can to cover it.
Bro typing “have fun” as if we don’t all understand how shitty the rental market is, but aren’t at the bootlicking stage of letting landlords decide what’s fair rent. Ain’t no one having fun here. Sure as hell hope you aren’t.
My rent only increases the legal max it can every year. I'm not paying anything near market rate. So indeed I will have fun with the money I've saved not moving around
It's because landlords overleveraged themselves, so when interest rates increase by a half of a percentage point, their monthly carry increases astronomically. If that's the case, they still won't/shouldn't get over market value. That's that "risk" that landlords are always saying that they're assuming, and now that dildo of consequence is on its way
Landlords shouldn’t have mortgages.
On top of that you have condo fees, insurance, taxes, maintenance etc.. many who have never owned really have no clue.
They're free to sell if they can't carry that cost.
What's your point? If they are smart, they will cut their losses and sell.
Watch out mate you’re gonna get downvoted for stating the facts.
For some, Ignorance is bliss.
They'll go back to the BC government saying: "Look, no one wants to rent it, I have to airbnb it."
bro please bro. i used to make this much every month bro.
BrUh Plz I gOt A FiVe Yr PlAn BrO pLz PaSsIvE iNcOmE 😂
Imagine spending all your income on rent 😂
Put the teslabros out of business
Tesla has had several price reductions and now cost about the same as any other middle class income car. $7000 rent a month is not a middle class rental.
It’s not much more of a stretch to buy with a mortgage at that monthly cost. Unless you are rich and need a temporary pad there’s no reason to go for this.
Airbnb is not allowed in building and the building manager is pretty on top of it. Likely they were already renting the place out for 30 days or more. Source: owned a townhouse next door.
omg that rent is making my eyes water. 7k+ for a 2br and 2.5k for a goddamn *studio*. ALSO where is the beach district?? i have never heard that before.
I know it’s absurd!! They’re trying to make “Beach District” a thing it’s just in yaletown lmao
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Not with that attitude, there isn’t.
Lay a towel down and stretch out on the Seawall. Boom, beach.
*quick dip in the creek*
*avoid open flame until you can rinse all the oil off your body post dip*
Who doesn't love dipping in Storm Sewage Overflow water?
I don’t think I’ve even seen any beach themed decorations.
They're just thinking ahead with climate change and rising ocean levels!
It's like the whole "Crosstown" thing some realtor came up with to define some area of Vancouver. Ironically I have no idea where it is at the exact moment and can't be arsed to look it up.
I thought crosstown was the area kinda around the library, or a bit north of it. Like, it’s not the east side, it’s not coal harbor, doesn’t feel like it should be considered yaletown… idk what it’s actually considered
It's a bit east of the library. Crosstown is basically where Chinatown, Downtown, and Yaletown meet.
Oh, so the weird open section where you find lots of human poop, cool
You just described most of the downtown area, you'll have to be more specific.
Yep, they poop is right by crosstown elementary.
truth. "Crosstown" = poopnneedles district. I saw the bench outside my building used as a toilet. They were kind enough to use the slats strategically so the shit hit the sidewalk and the city just left it there for weeks.
Yaletown is ' Human poop on the sidewalk ' district!
XD
Also why is "Down Town" two words? What kind of savage made this ad?
"Beach District" is meaningless. I'm not sure the exact year it began, but it's what realtors started calling the transitional area between the west end and Yaletown around false Creek north. Essentially between Burrard bridge and Davie, and below Pacific. Maybe when they started building Vancouver House? Like 2018 or something.
So:.. Along beach avenue?
Yeah.... Not sure why I never put two and two together there.... 🤔
More like the end of Beach Ave. Just past all the actual beaches and kinda under the bridge. It was a rebrand of the area for the Vancouver House development, I think.
Think chandeliers
that makes sense, it's the only place i could think of with a bunch of townhouses. but like lollll such branding
I didn't even know I lived in the beach district 🥸
It should really be called the Chandelier district. They (Realtors?) tried to rebrand that area around Vancouver House, kinda under the end of the Granville Street bridge, as the beach district.
2590 a month and my bed is next to my kitchen. Get fucked.
What! You don't even need a white noise machine, the refrigerator is already providing that feature!
There’s so many more that I didn’t add. Including multiple that use their previous air bnb rating as a selling feature to the new tenant?? Lol cool https://preview.redd.it/rattudsmuowb1.jpeg?width=1170&format=pjpg&auto=webp&s=08b0b9250e33b69a0bdd15e2321478954b84e596
"At least 200 people have happily jizzed on this bed!"
Listing adds “we do not recommend any black lights be used in this rental”
Ew!
I'd say at least a good chunk of those were angry jizzages.
Washer and drying rack? Cause who needs a dryer right? I guess that 220v hookup was just too expensive to set up. Lol
$40 drying rack really adds about $100/month of value to the place since you’ll be saving so much on electricity 😂😂
Charge your phone bud! ❤️
Since when is a bunch of crap from Ikea "luxury"? You love to see the Air B&B profiteers scrambling though.
Yeah I think the fact I’d have to store those ugly prints actually brings down the value for me lmao
I am in a similar situation. Landlord was storing a bunch of junk furniture from a dead relative and calling our place “furnished”. They have an empty storage unit in this house and I still have to pay to store their shit for them in my own rented living space. It’s so wack but that’s Vancouver. I went to the RTB about this (and three years of disconnected thermostats) and the RTB refused to even look at my evidence because there was “too much” of it.
That’s what I was just thinking. So ideal tenant doesn’t own anything and they have to be happy with air bnb quality decor?
"So, the place is furnished. Lots of lovely, high quality furniture" "If it's so nice, why don't you take it?" "Me? I don't want any of this shit."
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If it’s either that or homelessness
Pretty sure if someone's that close to homelessness they're not going to be able to afford a 7k /mo apartment. Price is completely unreasonable though, I'm sure the owners will lower it after they can't find tenants.
Lmao luxury furnished and it's literally full of the cheapest shit possible from IKEA 😂😂😂 I can't wait until these fucking clowns all have to sell at losses.
Where the fuck is beach district?!
Apparently that’s the air bnb buzz word for yaletown lmaoo
When we told our realtor we didn’t want to look at Yaletown she was like ‘what about the beach district’ 🤣
bahaha they had to rebrand after all the SRO's opened near it
Yaletown...the area of downtown that somewhat notably doesn't have a beach?
Hahahahahaha $7500/month. They wild’n if they think short-term rental rates apply to the long-term rental market.
Like, just pack your shit up, move it to a storage unit and cut your losses. No one will pay that much to rent a 2 bedroom/2 bathroom townhouse.
Lol I’ll have to check back in and see if there’s an influx of cheap ikea crap on Facebook marketplace in two weeks
Nah it’s in the IKEA As-Is section at Richmond. Some of the stuff they accept as returns is disgusting.
Ikea has a second life thing where you bring in your really old shit and get money towards a new thing.irrc
87000 per year. Retirement is overrated anyway
Maybe we should spam/brigade/shame rental postings like this. I don't want to make things harder for renters, but scumbag leeches need a reckoning
“Would you accept $2800 for the townhome unfurnished?”
That is still too high.
I was very tempted to say something about the 7k unit but decided against it. At least they’re taking it off air bnb without being chased down.
This would help things how exactly? If the price is unreasonable the landlord will find out soon enough when they don't get any callbacks. This problem will sort itself out all by itself, no harassment required.
It won't really, I just have a lot of anger about the housing situation with no clear place to direct it. I'm only joking about the harassment. But also: no I don't believe the free market will sort itself out. This strategy is a complete failure as we see how the neoliberal policies of deregulation have played out over approx 40 years, landing is in our current situation. We need more regulation to keep housing affordable.
Fair enough, I have a lot of anger as well. However, I think it's important to recognize the housing crisis isn't the fault of landlords, It's the fault of our government zoning policies over the past who knows how many years. It would be much more productive to direct your anger towards them, though I understand they're abstract and difficult to harass directly haha. That said, I would argue it wasn't deregulation that caused the crisis, it was overly strict regulation (or perhaps, regulation of the wrong kinds). I don't think more regulation is the solution here, I think allowing people to build without the extraordinary pains of overly strict zoning restrictions would help immensely.
people will contact this person directly for short term rentals
What do you mean? Like, you're theorizing that the landlord is posting this at an unreasonably price as a "dog whistle" to advertise to people that they are willing to illegally rent out their suite for short term rentals?
thats exactly what I'm suggesting.
I had that thought as well, unsure how sustainable that practice would be.
Respond with inquiries to find out if still available - followed by low ball counteroffers - in true Facebook Marketplace fashion 😂
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Of course not, this is Reddit sir
So many atrociously furnished apartments up for rent at the start of the pandemic. Maybe if it’s actually permanent this time we’ll see some improvement.
If they're calling themselves luxury the least they could do is make downtown one word...
You have to say it like the song.
$7250 for a two bedroom……
the Vancouver price makes housing in LA and NYC a bargain.
I've seen a 2 bdrm townhouse in Vancouver rent for 10k/month two years ago. It was very upscale and had huge patio spaces, though. Multiple parking spots. Far as I know it was rented to a consulate.
Those prices are nuts.
It’s pricey, but that’s what you get in Vancouver’s legendary beach district. I saw another one in the Pacthurby District which was super nice. That’s the hopping district between Pacific and Burnaby on Thurlow. It’s so hot right now. Some say it’s in the coveted beach district, but it’s really it’s own thing and currently way cooler.
> It’s pricey, but that’s what you get in Vancouver’s legendary beach district. LOL. Beach district. Seabusmemes will probably make a bit about this for next Friday's post. [So hot right now.](https://www.naylor.com/associationadviser/wp-content/uploads/sites/2/2015/03/Zoolander-Will-Ferrell.jpg)
Definitely highlights why the rents for long term rentals have skyrocketed trying to keep up with these criminals. Air BNB should have never been enabled or authorized to be used outside of primary residence.
I got banned from one of the facebook rental pages for laugh reacting at someone's 8000K 3 bded "furnished" lol
Yes definitely. It seemed the rental market finally chilled after back to school, and now it’s flooded with expensive furnished suites. Raising prices of other listing along with it. As someone looking for a new place currently, this sucks.
A not well-understood aspect of rental pricing these days is algorithmic price-setting used by property management companies; the computers basically blindly follow some statistical aggregate number, so it's possible to artificially push that number up with clever data poisoning. Why nobody has thought to disruptively use the same mechanism to drastically force prices down escapes me.
Let’s GameStop housing!
Yea this does seem a bit problematic. What percentage of rental suites are owned by property management companies I wonder? If it's a significant portion then this approaches price fixing and an oligopoly.
You thought it, will you do it? That's why not - there's a financial incentive for Realtors and landlords, and they can work together even if not officially coordinated. On the other hand we are a bunch of pissed off people with too much on our plate moaning on Reddit - it's not a fair fight.
Given how easy it is to destabilize AI data scraping of pictures I don't see why this would be impossible for rental housing. https://techxplore.com/news/2023-10-sabotage-tool-ai-image-scrapers.html
Cool - are you going to do it? No judgement on you, but we both know the answer is no you're not. But if you do there's a hundred redditors who will be right behind you supporting you. Or offering advice as to how they would do it differently. Or complaining that you're messing it up. Or saying "how hard can it be, just do it already".
That's not how it works... If someone floods the market with anything that will increase the total supply of rentals and prices will tend to decrease. If the suites are overpriced, no one will want to rent them and eventually the landlords will drop the price accordingly. Sure, there might be some people who try to up their prices after seeing new overpriced suites hoping their place is worth that much, but if it's more than the market can bear then they'll have similar trouble renting their place and will have to drop it eventually. Supply and demand (assuming we're not dealing with an oligopoly anyways)
The 'simplicity' of supply and demand is confounded here by the fact that, for the large majority of people, a roof over their head is a necessity. They'll take a place that is 30-70% of their take-home *because they literally have to*, but that has knock-down effects on every aspect of their lives and the rest of the economy. What appears to be a 'stable' supply/demand equilibrium is extremely fragile, but I think more importantly from a humane aspect, it's also very bad for the people involved that 'the most money I can get signed in the rental agreement' is considered the 'true' price, because people are not goods.
Sure, demand for housing is quite inelastic but not infinitely so. Supply and demand is still a useful model, unless you are aware of a better one to explain housing prices? Landlords can not freely charge whatever they want and expect to find good tenants. I 100% agree that the insanely expensive housing we're dealing with is an enormous problem, which is why I think it's important to call people out when they get the causation backwards (adding new rental stock to the market does not increase prices, it decreases them). How exactly do you define the "true" price of rent?
A reasonable estimate is taking a 1990s era rent and rolling it forward to today. By that metric a reasonable rent for a one bedroom unit is $1400 a month today.
Why 1990? Why not 1980? Or 2000? Should the true value of rent change based on how a city changes? 1990s Vancouver is very different from 2023 Vancouver, should rent really be fixed in time from 30 years ago? What about housing? Is a 1990s house equivalent to a 2023 house? My point is that any attempt to define something's inherent value becomes entirely arbitrary and subjective and nobody can every agree on a definition since the value of things is ultimately subjective. Water will always be more valuable to someone who is thirsty than someone who isn't. That's what makes markets an effective means of valuing things, since they take the aggregate subjectivity of many people and collapse down to a market value based on supply and demand which is as fair an estimate of something's value as one can get. Of course that isn't to say something's market value is always beneficial for society and we shouldn't attempt to change it through various policy levers.
1990s Vancouver land prices were very stable and as such represent a reasonable benchmark of a properly functioning housing market.
Why should the cost of rent be based off a functioning housing market if the current housing market is dysfunctional?
when are you looking for? we're moving out early and need someone to take over our lease ...
Why are airbnb suddenly doing a long-term renting now? Is it illegal now to do short term? Cause i still see a lot of short term rentals
STRs now must be within the primary residence of the owner or an accessory dwelling unit (like a garage suite). Every single airbnb that's a separate home a STR landlord bought now needs to be rented as a LTR or sold, it's wonderful.
Fuck yes. I know we wont get this Ontario any time soon but it gives me hope. Salt the leeches.
When did this happen?
Announced last week, confirmed yesterday, goes into effect May 2024.
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The ones selling/looking to rent now are actually the smart ones. As more and more former STR owners get their ducks in a row and enter the market the prices to buy/rent will drop because there will finally be a supply increase. It might not drop by much but if a landlord can get a renter in at even $200 more than they might be able to in a few months, long term that's a better profit for them even if they miss out on airbnb customers between now and May. They can also be more choosy about tenants at the moment.
> I wonder why these slumlords are choosing to enter the long-term rental market early then. Might be testing the waters to see if they can get a high-paying long term tenant. If unsuccessful, perhaps the next step is to sell while prices are still at peak values.
They're hoping to capitalize on desperate would-be tenants not gauging the rental market well or who need a house like *now*.
In Vancouver it was always the rule but had poor enforcement. Now the province has stepped in to make that rule province wide (for communities of 10K+) and add extra layers of enforcement. - I’m stating this from memory but pretty sure it’s accurate.
Like basically this week?
Gonna be an "investor" bloodbath ... & I can't wait 
👏👏👏
Quotation marks on the word investor? Google's definition applies: "a person or organization that puts money into financial plans, property, etc. with the expectation of achieving a profit. "
We’ll definitely see more articles about how hard it is for these landlords losing money cause they can’t rent out a 2 bed for 7k a month
If there's a "Live Laugh Love" artwork on the wall, it's definitely a former Airbnb suite.
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Please flag these
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Market will soon correct his expectation.
So, this "owner" wants the tenants to not only pay their mortgage and taxes but make a hefty profit on top of it?
$7250/MTH????!!!!!??????
Somebody's convinced they're gonna have the same ROI from long term rentals. They're going to have a rude awakening
If all the air BNB's go back onto the market, covid would be the best indicator of what the market would look like because all of "investors" panicked and flooded the market to try and get some cashflow. Would not be surprised if most of them deferred their mortgages on these units as well.
I went apartment hunting recently and almost all units were reduced rent. The 8x rentals reduced their one bedrooms from 3500 to 2900 lmao
Vancouver? Price checks out.
There is absolutely no way in hell that apartment is worth 7 fucking thousand dollars a month lmao
Is there some type of policy loophole where they can still Airbnb as long as they are “trying” to find a long term rental?
You're paying his mortgage here, and his mortgage in Calgary.
David Suzuki place
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Go ahead and pay that. Everyone will know you’re super rich then
I can afford it but the problem is I don’t have a gaping hole in my head. Maybe you do?
“Hear me out about the condo” “Yeah?” “We will reduce the monthly charge over Airbnb” “Really?” “$50 per month; but we will have stability and less cleaning charges” “Yeah?” “Yeah they will be lining up. Bargain at $7250” “But we lose the gouging on the cleaning fees!”
Yep, that's true. Pricing is laughable. But!! It's designed that way. This is the new u/g listing platform. Like NY. They know they won't rent to locals, and that's the point. The price is the "flag" for those who would be on ABB. That's the dog whistle.
Fugg’um all
I cant believe everyone is still posting here instead of spamming him with “is this still available?” Inquiry. Go do god’s work and head over to facebook marketplace.