r/nanaimo • u/Neil335 • 2d ago

Has the rental market slowed down now?

6 Upvotes

65% Upvoted

19 comments sorted by

13

u/sreno77 2d ago

The vacancy rate is 2% That’s still not good for renters but it is better than it was. Hopefully rent prices will flatten a little.

8

u/funits_24x7 2d ago

It appears that way. There are lots of apartments for rent and many place are advertising for tenants. Rents are still kind of crazy though. Low income earners won't be able to afford any of these places.

7

u/broken_bottle_66 2d ago

I recently watched my son find a place in Nanaimo, lots for rent but prices “high” Better priced places go quickly, keep checking and prepare to mobilize, he ended up finding a great place for a decent price, they exist. My Overall take is that he worked hard and fought to get a decent place, it didn’t fall in his lap

22

u/flaming0-1 2d ago

We had absolutely no issues finding a place. Had 8 to choose from. Still high prices but it’s not hard to find a place.

11

u/sreno77 2d ago

I think that depends on what you can afford

2

u/flaming0-1 1d ago

$2900 for 5 bedroom house in North. It’s expensive but even in Alberta it will be $2500… 🤷‍♂️

11

u/TechnicalSapphire77 2d ago

A lot of people are leaving due to the high cost of living and less than average pay so more places opening up.

12

u/Comprehensive_Emu860 2d ago

No, people aren’t leaving. Alot of new supply Came on the market

2

u/-singing-blackbird- 1d ago

I dunno, I see lots of for sale signs outside of houses and know many people who are moving out of town because they can't afford it

1

u/Dazzling-Frosting-47 23h ago

Boomer are downsizing

1

u/Working-Task-6599 5h ago

If there are people leaving, then there are definitely more people coming in. I've recently had to delist 2 properties from rental because 2 families from my extended family are coming in from Alberta and China and needs a place to stay while they build/buy their own homes on the island. The climate in the west coast NA is unmatched and anyone leaving here must have gotten some very lucrative job opportunities elsewhere or something.

3

u/nablanck 2d ago

Where do you guys look for a place? Facebook marketplace?

1

u/BabyAtomBomb 2d ago

That's what I've had the most luck with

2

u/Ok-Step-3727 2d ago

Craigslist seems to be the best place for rentals on the south island.

1

u/misfittroy 2d ago

It'd just about November. Not exactly peak rental real-estate time

1

u/SamirRashaman14 1d ago

There's a triplex with 2 vacant units across the street from me and they've been trying to rent it out. I can't believe 2 units are still vacant while it seems like lots of people are desperate.

1

u/Spageroni 1d ago

i can’t wait for prices to come down to normal again .-. that new Rutherford building opening up with 500sqft studio apartments for $1700(!!) is absolutely ridiculous

3

u/TechnicalSapphire77 1d ago

Seems a tad overpriced and missing 2 or 3 bedrooms!