Monthly rents are skyrocketing. There is no immediate solution or quick fix. Is it lack of supply or greed driving prices this high?
For those of you not aware, here’s a quick rundown of listings and monthly rents in the Sea to Sky corridor from Craigslist. A one-bedroom/studio apartment in Squamish starts at $2,000. A two-bedroom in Whistler? $4,000 to $6,000, unless you have an unlimited budget and are looking for a “luxury rental,” in which case your rent starts at $10,000. And Pemberton? A total of three listings, with one-bedroom units right on par with Squamish and the Lower Mainland at $2,000; a two-bedroom for $3,000; and a three-bedroom house for $6,500.
The following questions are for landlords in our region. They may be considered rhetorical if you wish, but take the time to write your own letter to the editor and let’s get this discussion out in the open:
1. Did you buy the property you’re currently renting out as an investment?
2. Does the rent you charge your tenants pay your entire mortgage, or more?
3. Has the current increase in mortgage rates caused you to increase the monthly rent on your income property?
4. Could you personally afford to pay the monthly rent you are charging?
The monthly rents in our region and our province are driving people out. We as renters cannot continue to pay 50 per cent of our income in rent. Landlords, we can’t wait to hear your answers.
