Vancouver is known as being one of the most expensive cities in Canada when it comes to rentals, and with that growing focus comes increasing attention to the amenities on offer.
The city is ranked as the top city in the nation for rental parking, according to a new real estate trends report by Kijiji.
Vancouver has the most rental condos with two or more parking spots available, at 12 per cent. It is followed by Calgary and Edmonton, making Western Canada the leader for this amenity.
Exactly 80 per cent of condos in Vancouver offer one parking spot. The highest rate of rentals with one spot available is Calgary at 83 per cent.
As the city places more emphasis on the construction of purpose-built rentals, there is a growing focus on the amenities offered to tenants. These amenities are important for renters to keep in mind as they can influence the price of the rent, said Zoya Raza, head of real estate and emerging verticals at Kijiji.
“In today's world with increasing interest rates, rising cost of living and stagnant incomes, we find people are really trying to make the right trade-offs around affordability. Understanding those differences is key to being able to make the right trade-offs and figure out what suits your lifestyle better,” Raza said.
She added that these amenities can shed light on what a renter can get for their budget.
Vancouver ranked in the top three cities Canada-wide for availability of pools and gyms. Toronto ranked first in both categories.
When it comes to outdoor space, Vancouver is ranked ninth for rentals with a balcony.
“Two-bedroom apartments were the same price with or without a balcony and were very similarly priced to a one-bedroom-plus-den,” said Raza, adding that in some cases a two-bedroom can be less expensive than a one-bedroom-plus-den, whether it had a balcony or not.
Balconies can add nine per cent in value to a one-bedroom rental plus den. This is an average of $190 more nation-wide than a one-bedroom-plus-den without a balcony, according to Kijiji.
Vancouver is ranked as the most expensive city for rentals with an average rent of $2,585 per month. The report highlights that Vancouver “far outranks” all other Canadian cities with an average rent that is 12 per cent higher than Toronto, the next most expensive city.