Many B.C. renters are spending less on food so they can make rent

Many B.C. residents are having to reduce their food and grocery spending to afford their monthly rent payments.

A new renters’ report from Royal LePage highlights some of the realities that B.C. renters are experiencing, including the sacrifices they’re making to afford rent.

Royal LePage also revealed the percentage of income that renters are spending on housing, and the reality is quite staggering, but will likely come as no surprise to the majority of renters in the city.

According to a survey conducted by Royal LePage, over half of the respondents (59 percent) reported spending more than 30 percent of their net income on rental payments.

“The rental market looks very different today than it did a year ago,” said Nina Knudsen, a property manager with Royal LePage Sussex in North Vancouver.

“There is a surplus of inventory available, much like in the mainstream market. In fact, the slowdown in resale activity is having a knock-on effect in the rental market. Some property owners who weren’t able to sell their units, specifically condos, are choosing to list them as rentals instead.”

Another interesting finding is that over half of Vancouver renters are individuals, meaning folks who are renting without a spouse, partner, or roommate. According to the survey, 37 per cent of renters rent with a spouse or partner, and 12 per cent of renters rent with a roommate.

Compared to the rest of the country, Vancouver has the highest number of renters who moved from another city, province, or country before signing their current rental agreement.

One sobering reality stemming from Royal LePage’s report is the amount of money renters are spending on food, or rather, how much they can afford to spend on food.

A full 45 per cent of tenants surveyed said they’ve had to reduce the amount they spend on groceries and food to afford their rent. An additional 35 per cent of respondents said they’ve reduced their contributions to savings or retirement.

The report also examined the homebuying intentions of the renters surveyed. 53 per cent said they plan to purchase a property in the future; 16 per cent plan to buy within the next two years.

Are you making any sacrifices to make rent? Also, if you’re a renter, do you have plans to buy a home in the near future? Let us know in the comments. If you have a personal story to share relating to this topic, email Vancouver@DailyHive.com.