The average rent for a one bedroom in Vancouver as per the Canadian Mortgage and Housing Corporation (CMHC) this month was pegged at $1750.00. That is a lot of money, and we hope you’re getting at least that! If you have an investment property and it’s already getting that it could be down to a couple of the following contributing factors. In this blog, we will outline four factors that contribute to why people pay more to live The SkyTrain Living Lifestyle.
What is the SkyTrain Living Lifestyle?
First of, if you are on this site, you believe in the power of purchasing property near the Sky Train but you do not understand why people want to live close to the system? Let’s outline four factors that we believe contribute to this trend:
Houses, Townhouses, and Apartments whether in newer buildings or older buildings will always have the highest Walk Score when located within Rapid Transit corridors. What is a Walk Score and why does it matter? It is a number that uses an algorithm that incorporates the subject property address, and it’s proximity to restaurants, grocery stores, bars, transit, and other services. The equation produces a “Walk Score” out of 100. 100 being highly walkable or a “Walkers Paradise” and 0 being, well, the worst. Important because the higher the Walk Score, the more tenants will want to rent or buy your property for not only the transit factor but also the walkability one.
The Car-Free Lifestyle
This new lifestyle trend that s touted by the Municipal governments, environmentalists and health nuts alike is a growing trend that you can catch through savvy investing and marketing. This trend is seeing many people give up the gridlock in favour for bicycling, transit, and car shares. If this trend continues – it’s showing no signs of slowing down – anyone who has invested in Sky Train condos will not only see their property values grow faster, but they’ll also see the greatest rise in rental rates combined with a low vacancy rate.
Young People Are Not Driving
Yes, this is a thing! In the Metro Vancouver, there is a growing trend of 16-20-year-olds not getting their driving licences. That means in the next five to ten years these individuals will be your tenants and they will not have cars! They want to be close to the Sky Train so they can get where they need to go without the expense of car ownership. Much like the internet, this is the growing trend, and if you’re not investing in Real Estate with this trend in mind you are making a mistake.
Traffic in Metro Vancouver is the Worst
Not going into detail on this one but we just replaced our horn.
Do you agree with this post? You see all the trends that we have pointed out?! Well then, fill out a contact form, join our mailing list, or give one of our specialists a call and we will get working on finding the ideal property. Ensuring you will get one with a high Walk Score, takes advantage of the Car-Free Lifestyle movement, and prepares your Real Estate Investment portfolio for the new tenant entering the rental marketplace.
For properties or Presales close to Rapid Transit email email@example.com and check out some of the Coming Soon projects below.
Check out The Henry, a New Development located on the Canada Line.
Sun Towers, Located on the Expo Line in Burnaby South.