A new survey reveals 45 per cent of B.C. renters are reducing their spending on groceries and food in order to afford their monthly rent.
Meanwhile, 35 per cent of B.C. tenants are reducing contributions to their savings and retirement to afford rent payments, according to a Thursday report by national real estate company Royal LePage.
About a quarter of respondents have delayed or skipped medical or dental care (24 per cent), accumulated credit card debt (24 per cent) or taken on a second job or side-hustle (26 per cent), the June 19 report said.
Based on a weighted survey of 1,854 Canadian adult renters conducted between June 2 and 9, Royal LePage did find some optimism among B.C. renters, with 53 per cent saying they plan to buy a property sometime in the future.
The report said inventory in the rental market is growing.
“Affordability in Vancouver’s rental market has improved over the last year, and it’s not unusual to see renters moving units because they’ve found a better deal. By and large, renters are in the driver’s seat today,” property manager Nina Knudsen of Royal LePage Sussex in North Vancouver said in a statement.
But she said she believes that opportunity has reached its bottom in the market.
“The biggest drop in rental prices is likely behind us. Looking ahead, I expect steady activity and price-flattening for the foreseeable future.”
Still, many B.C. renters appear to be struggling.
About a quarter of respondents (23 per cent) spend more than half of their after-tax income toward their monthly rental payment, the survey found. The survey also found 89 per cent were not offered any incentives when they signed their most recent rental agreement.
Almost half (47 per cent) of B.C. renters live alone, presumably shouldering the full amount of rent, while 77 per cent did not consider buying rather than renting before signing or renewing their current lease.
“Affordability remains a long-term battle,” the report said.
