Tenants hit by outrageous rents for mediocre Burnaby suites

Old. Dark. tight. But very, very pricey.

I was a landlord myself a few years ago and it was a difficult experience.

The tenants were nice, but I hated the part where I had to come up with the rent.

It always felt way too high, but I wasn’t the only one involved and so I had to compromise. I hope I don’t have to go through this again.

So I do have some sympathy for Burnaby landlords, but not much. At the moment they can charge extraordinary amounts and I have no idea how local residents can pay that.

And we’re not talking luxury units here – some, like the place pictured above, are downright mediocre yet advertised for outrageous amounts. The place photo is only 750 square feet, but is being advertised for nearly $2,000 a month.

Oh, at least cats are welcome there.

jeebus.

I saw another listing on Craigslist for a place near Metrotown, a microscopic 540 square feet that is available for 2,150 – and electricity isn’t even included.

Scroll through the photos above and you’ll see a kitchen in an Edmonds-area unit of just 850 square feet, but rents for a whopping $2,250 a month.

A recent report from Rentals.ca says Burnaby ranked fourth in March for average monthly rent for a one-bedroom home at $1,959 and sixth for average monthly rent for a two-bedroom home at $2,398.

Year on year, the average monthly rent in March for a one-room home in Burnaby was 16.5 percent higher and for a two-room home by 9.9 percent.

The median rent for all Canadian homes listed on Rentals.ca in March was $1,818 per month, an increase of 6.6 percent per year, according to the Rentals.ca and Research and advice from Bullpen last National rental report

Bullpen Research & Consulting and Rentals.ca expect rents to continue to rise as the country returns to normal. But it remains to be seen how inflation, supply chain problems, the effects of BA.2 and other sub-variants of ommicron, and the Bank of Canada’s recent changes in direction will affect the economy and rental market.

Average rents in Vancouver for all types of real estate remain higher than other Canadian cities, rising 29.9 percent year-on-year in March to a maximum of $2,925.

Vancouver topped the list of 35 cities in March for average monthly rent for a one-bedroom home at $2,280 and for average monthly rent for a two-bedroom home at $3,122.

Year over year, the average monthly rent in March for a one-bedroom home in Vancouver was up 13.9 percent and 17.6 percent for a two-bedroom home. Month over month, average rent in Vancouver rose 1.8 percent for a one-bedroom and 2.4 percent for a two-bedroom.

British Columbia remains the most expensive provinces for median rent for all types of real estate, with rents rising 18.9 percent in March to $2,200 a month.

Studio units and one-bedroom units in British Columbia are among the most expensive in terms of average rent per square foot. Studio units in British Columbia had an average rent per square foot of $3.74 in the first quarter of 2022, while one-bedroom units in British Columbia had an average rent per square foot of $3.28.

Good luck to all renters out there.

Follow Chris Campbell on Twitter @shinebox44.

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