Frenzy of Vancouver rental market whips up bidding wars

July 15, 2016

LandlordBC warns about fairness of renting out a property to the highest bidder

By Maryse Zeidler, CBC News

It took Devin Cox and his roommate more than four months to find a home to rent in Vancouver, and what they experienced along the way was “disheartening.”

“You sort of feel a little bit helpless,” said the 28-year-old massage therapy student. 

With a budget of about $2,000 per month for a two-bedroom, the pair figured they had a pretty good shot at finding a place within a short commute of the downtown core.

But then Cox noticed something odd — about a quarter of the application forms they submitted had a little box to fill in asking how much more above the listed price they would pay, because the property was in high demand.

In one or two cases, Cox says the landlord even told them someone else had put in a higher offer, and asked them if they be willing to bid more.

“It’s crazy. I’ve been renting all over town for the past 10 years or so. I’ve been in lots of different places for various reasons, and I’ve never seen this before,” Cox said. 

At one point, they even tried putting in a bid themselves for an apartment in the Woodwards building, offering an extra $250 over the asking price. They were out-bid. 

“Who knows how much higher it went for,” Cox said. 

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