Downtown Vancouver Rental Suites at 600 Drake Street - Vancouver West End Apartments for Rent at Affordable Prices - Rental Market Update

Downtown Vancouver Rental Suites at 600 Drake Street

When real estate prices skyrocket, there is a general assumption made that the rental vacancies drop significantly in the downtown Vancouver rental condo market. The reason for this is because fewer people have the money to purchase a new condo for themselves, or even the urge to outbid other parties for a downtown Vancouver condominium. Rather, many would-be purchasers and homebuyers opt for downtown Vancouver rental condos for an extended lease until the prices of real estate start dropping. Well, flash forward 12 months, and now, we are at the time of a significant drop in downtown Vancouver condo real estate prices. Some estimates already have the drop in property value at 20%, others have a more conservative estimate at about 10%. Whatever the numbers tell you, it is clearly evident that the downtown Vancouver real estate prices for condos and suites have come down since it’s exponential rise over the past five years.

So What is Happening in the Vancouver Rental Suite Market?

Well, just as we had said above that when real estate prices go up, vacancies go down in the downtown Vancouver core. Rental suites and condos for rent in downtown Vancouver during this downturn in the global economy and real estate prices is actually at a very strange time. Not only have vacancies remained low during this catastrophic downturn in the economy and property values in downtown Vancouver, but the rental condos vacancies are actually at all-time lows. So what is happening here? This is exactly opposite of what is suppose to happen in the downtown Vancouver rental suite market! First off, the drop in perceived value may be around 20%, but the actual drop in accessible condo value by the government is much less. Due to consumer confidence, this has shed years of equity away in a mere months, but not according to the government. Secondly, because the global economy is still on the downward spiral, many home buyers expect even more significant drops in downtown Vancouver real estate values in the coming year and therefore, are waiting it out. In many cases, this may cause a huge problem called deflation, but let’s not get into that at this time. As many first time homebuyers and purchasers are waiting to get better deals and prices on new downtown Vancouver condos, the rental suites and condos for rent in the core have diminished even with the recent completion of many high-rise condominium towers. The vacancy for downtown Vancouver condos is at its all time low and will continue to get lower as more people move into the city core, wait for better prices to purchase their home and continue renting suites.

Why 600 Drake Vancouver is the Best Choice

According to the Home Renters Magazine and this article written by the most trusted source in the Greater Vancouver real estate market, whether it be rental condos or homes on sale, Susan, hits it bang on with 600 Drake rental condominiums in downtown. Sure an apartment is a palce to live. But you want more. You want an apartment in downtown Vancouver that you can really call your home – somewhere with character, a convenient location, plus all the extras like a fitness centre and a games room inside your own building. Welcome to the 600 Drake downtown Vancouver rental condo apartments. Located at 600 Drake Street, this ideal one apartment downtown Vancouver rental condo building celebrates a fun loving, ecletic downtown lifestyle. With renters knowing each other and looking out for one another and from easy going, friendly tenants, the downtown Vancouver 600 Drake rental condos and apartments for rent is a model for other buildings to follow. The 600 Drake rental suites are a mix of junior one bedrooms and studios, many of which have been recently renovated with style. New carpeting, tiling and cabinetry are just some of the upgrades made to many of these downtown Vancouver rental condos and 600 Drake apartment sfor rent with open concept floor plans, lots of storage space and much more. The penthouse suites at the rental 600 Drake Vancouver condos is most impressive, with outstanding views of False Creek, English Bay and Granville Island.

More Information about the Downtown Vancouver Rental Apartments

Nothing beats the location of the 600 Drake Street Vancouver rental apartment suites. From Emily Carr to Vancouver Film School and from SFU to the Art Institute, this is the place to live if you want to walk to work or school or shopping or dining. Inside, the amenities list for the 600 Drake rental condos in downtown Vancouver condos for rent market include a tv/media room, outdoor patio, games room, lounge and gym. There is also complimentary wireless internet for all tenants at this great Vancouver rental apartment building. If you would like more information regarding the availability of rental suites at 600 Drake, please call 604.681.0727 or you can drop by the rental office between noon and 5pm. The building is managed by Concert Properties.