If you are having a hard time finding a place to rent in Vancouver, you aren’t alone.
The rental vacancy rate is at an all time low- just 0.5 percent.
Mukhtar Latif, the city’s Chief Housing Officer, says they will introduce new incentives to encourage more family housing in new rental buildings.
“What we’ve got in the council report going to council next week is an incentive for developers to allow them to build three bedrooms, and there will be incentives, including cost levies.”
“Because we have growth in population, and we haven’t been able to increase the rental supply over time, the vacancy rate is now dropping, which is why it is really important to encourage more rental housing to be built.”
Latif says high ownership housing costs and low rental vacancy rates continue to put pressure on rents and availability of rental housing in the city.
Less than one percent of all units are suitable for families.
Latif adds over 50 per cent of all Vancouver residents are renting.