Burnaby Highlights from CMHA Rental Market report
This report statistically confirms what residents know anecdotally. On the Rental Housing Index developed by the BC Non-Profit Housing Association, Burnaby ranked last in the Province for accessibility and affordability.
The areas that most likely had tenant turnover and / or new leases signed included the City of Burnaby
There was a higher rate of tenant turnover and more new leases signed during the period October 2013 to October 2014 compared to the same period a year ago. (3.1% in Burnaby-Highest in the CMA)
Purpose-built rental apartment vacancy rates in Burnaby had rates below two per cent
“ Burnaby has had a few older purpose-built rental apartment buildings demolished or slated for demolition to make way for new condominium apartments in the Metrotown area” Data Supressed .-Green Sheet Construction Data
The number of purpose-built rental apartments in the survey universe increased 0.5 per cent to 106,111 in October 2014 for the Vancouver CMA. However, the supply of purpose-built rental apartments in Burnaby declined to 12,357 units, about 267 units lower than it was a year ago. Tenants in these buildings would have had to find alternative rental accommodations in and around the area, pushing vacancy rates lower and rents higher.
One-bedroom units are, by far, the predominant apartment unit type in the Vancouver CMA rental market, accounting for nearly 63 per cent of the rental stock.
The average rents for such units tend to be higher than those for older units. In fact, the average apartment rent for units that were built in 2005 or later ($1,569 per month) was about 43 per cent higher than the overall average apartment rent ($1,099 per month) in the Vancouver CMA. These newer units also had a higher vacancy rate of 1.9 per cent in October 2014.
Metrotown’s Private Apartment Vacancy Rates (%) dropped from 1.6 in 2013 to 0.9%
Metrotown’s Private Apartment Average Rents from $981 in 2013 to $1,013 (3br $1,373 in 2013 to $1,463) (6.6% increase)