Generation Y: Leading the Way in Condo Rentals
In case you missed the memo, the Vancouver condo market is booming. According to Statistics Canada, high rises have sprouted up across the country about 10 per cent in five years, but in Vancouver, that increase is closer to 25 per cent.
There are a host of reasons why inner city condo living is so popular – less maintenance, better employment opportunities, less commuting – all of which feeds into the overall urbanization that’s happening around the world.
But perhaps the most powerful factor is money. The Canadian Real Estate Association prices the average single family home in Greater Vancouver at $950,000. The average condo price for the region is $374,300. It doesn’t take a mathematician to figure out which is the more practical option for your average Canadian.
Apparently though, it’s Gen Y (the generation born in the 1980s and 1990s) that is leading the charge in the condo rental market. They’re often at the start of their careers, starting a family or burdened with student debt in a sluggish job markets. Money is an issue, and renting a house, especially one that’s likely to be in well beyond the core downtown job market, simply isn’t feasible.
This means it’s a good time to be renting condo suites in Vancouver according to Rent It Furnished sales agent Julie Hsu. Julie’s seen a steady increase in the number of Gen Y renting inner city condos for at least the last five years. And with it, she says, are an increasing number of condos being built to cater for the market.
“If they want to rent something, say a house on the East side, it’d be an old, run down, fixer upper and for that same price they can buy a condo with all the bells and whistles,” Julie says. The same goes for renting. She says there’s a common line of thinking amongst Gen Y where condo living is the first rung of the ladder: first renting, then buying, then upgrading. Once they’re more financially stable and need more space to accommodate a family, that’s when they look to moving out of the city, into a town house, duplex or house.
Condo owners looking for tenants would be wise to cater to this younger market. And here are a few ways to make their suites more attractive to younger renters.
- Stainless steel appliances
- Include wireless internet and cable TV in the rent
- Include a large flat screen TV
- Modern furniture
- Adopt a more minimalist interior design
The last two points are key, according to Julie. “They don’t want a couch with floral prints. They don’t want to walk in and be confronted with what’s obviously someone else’s home. They want something more minimalist and modern. They want more of a blank canvas so they can make the place feel like their own.”
If you would like help with finding tenants for your Vancouver rental, contact Rent it Furnished today! We’ll advise you on what you can do to help make your suite more attractive to renters.