The City of Vancouver has updated a bulletin that sets guidelines for affordable rents in 2019.
Of course, not everyone sees the figures as “affordable.” Not only were the previous guidelines for one-bedroom and studio apartment rents already high, but they have also increased.
For example, the maximum amount for studios on the East Side is set at $1607, and $1,768 on the West Side. For those looking at one-bedroom rentals, the East Side rent is set at $1869 and the West Side at $2,056.
Last year, the East Side one-bedroom rent was set at $1,730, which marks an eight per cent increase. Likewise, rent on the West Side one-bedroom rent was $1,903 percent, which is also an eight per cent jump.
A two-bedroom on the East Side is $2,457, while a West Side two-bedroom is $2,703. A three-bedroom on the East Side is $3,235, and a West Side three-bedroom is $3,559.
The city increased the rents for East Side and West Side studios and one-bedrooms, but decreased the rents for both area’s two and three bedroom rentals.
Part of the Rental 100 policy, the city describes how, “Projects creating new rental supply, where 100% of the residential development is rental in tenure are eligible for a DCL waiver for the rental portion of the development.”
Nevertheless, these rental prices are considered unaffordable to the majority of renters, which has caused the policy to come under considerable scrutiny.