7 tips and tricks for navigating Vancouver’s unique rental housing market

This August, the average cost of renting a one-bedroom apartment in Vancouver surpassed $3,000 per month. While it’s no secret that the cost of living in the city is among the highest in the country, it still doesn’t make it any more palatable for the tenants who have to foot the bill.

Whether you’re considering moving to the city as a newcomer or you plan on relocating within the city, I’ll share some helpful tips that could help you save money on rent and find better deals, even with Vancouver’s high cost of living.

Vancouver’s high cost of living

Why is it becoming so expensive to rent in Vancouver? Part of it has to do with the city’s current real estate market. Simply put, with an average home price of almost $1.3 million, it’s increasingly difficult to become a homeowner.

This had led many former Vancouverites to vacate the city in search of greener pastures. Those who remain here, though, are facing higher property costs and a shortage of affordable living units.

7 tips to save on rent in Vancouver

Looking for a way to reduce your cost of living despite the city’s sky-high rental rates? If so, then you’re in the right place. Here are some tips and hacks that will help you save on rent and find better deals.

1. Start searching ahead of time

In Vancouver’s fast-paced rental market, timing is everything. Start your search several weeks (if not months) before you plan to move. Starting early gives you a wider selection and ensures you have a better chance of finding a place that meets your needs and budget.

Don’t wait until the last minute, as the best options often get snapped up quickly. Waiting till the last minute can also force you to make an impulse decision that will get you locked into a lease you’re not satisfied with.

2. Use online resources

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Use popular rental websites and apps to explore available listings. Online rental platforms often offer valuable information, including photos, pricing, and neighbourhood details, allowing you to compare your options side by side.

Here, it’s a good idea to make a written list of your top five choices, the listed rent of each, and a comprehensive list of pros and cons. Once you’re done, this will give you a good frame of reference to help you make the best decision.

3. Tap into your personal network

Sometimes the best rental finds never hit the public listings.

Tap into your personal and professional networks for potential leads. Friends, family, or even colleagues might know of upcoming vacancies or be willing to sublet a room to you. Social media groups and community forums can also be goldmines for finding off-market rental opportunities.

4. Avoid peak-season rental prices

Timing your search during the off-peak seasons, like late fall or early winter, can help you land better deals. During these times, there’s often less competition, and landlords might be more willing to negotiate or offer special deals to fill vacancies.

5. Understand your tenant rights

Familiarize yourself with local tenancy laws, including rent increases, eviction procedures, and landlord maintenance responsibilities.

Understanding these rights can protect you from unfair practices and give you more confidence in negotiations and dispute resolution. The Residential Tenancy Branch of British Columbia has everything you need to know.

6. Try to negotiate rent

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Believe it or not, negotiating your rent is often possible, especially when dealing with private landlords.

If you go this route, be ready to present valid reasons for a lower rent, such as a long-term tenancy commitment or immediate availability to move in. If you’re handy, you could also offer to handle your own repairs and maintenance in exchange for rental reductions.

Demonstrating your value as a reliable tenant can make landlords more open to negotiation.

7. Split costs with a roommate

One of the most time-tested and true ways to reduce your rental and living expenses is to share your space with a roommate. The reason I left this until last is because many renters don’t savour the idea of living with somebody else — especially those who value their privacy.

Most of us have had at least one bad experience while living with a roommate. Whether it’s differences in lifestyle, problems with cleanliness, or another seemingly unfair situation, some of us have been rightfully scared away from ever considering a roommate again.

As the cost of rent in Vancouver continues to soar, though, it may be the only option for some. Living with a roommate doesn’t have to be a bad experience, though. Here are some tips to make living with a roommate a breeze:

• Try to room with somebody you know, but also have respect for (preferably not your best friend)
• Agree on set dates to pay all bills (and a contingency plan if there are ever problems)
• Write out and sign a joint contract on household rules
• Make sure you have similar lifestyles and habits
• Make decisions together
• Set boundaries on shared/personal spaces/items on day one

Planning your move wisely

Like many things in life, planning for a move shouldn’t be done on a whim. The more you research, plan, and prepare ahead of time, the more deals you find and the more room you’ll have to make an informed decision that will save you money in the long run.

Aside from getting a great deal on rent, reducing your household expenses is another great way to put more money back in your pocket. Check out my list of the best cashback and couponing apps to help you save on groceries next!

Written for Daily Hive by Christopher Liew, a CFA Charterholder, former financial advisor, and the creator of Wealth Awesome.