It’s a well-known fact that Vancouver’s cost of living is among the highest in the country.
Although there are plenty of properties and apartments in Vancouver, finding the perfect place to live can be challenging with the lack of affordable options. The question, then, is what’s the alternative to paying high rates for small apartments?
Surprisingly, the solution to this problem is to rent one of the many luxurious mansions that are left vacant in the area.
It’s completely feasible – and a good alternative to living in an apartment – for young professionals and students who are more willing to live with a group of people.
The recent trend of renting mansions is a result of the newly updated Speculation and Vacancy Tax imposed by the B.C. government. This tax is targeted towards offshore investors who purchase homes without living in them, ultimately driving up the prices of real estate around Vancouver. In fact, there are so many homeowners who don’t live in Vancouver that there are currently about 5,000 empty bedrooms across the city.
In order to reduce the number of vacant homes across cities in B.C., the law requires all foreign and domestic homeowners who have primary residences in other countries to pay two percent of the property’s assessed value each year.
Fortunately for offshore investors and locals looking to rent, this tax can be avoided in a way that’s beneficial to both parties. As of 2019, these homeowners must rent out their unoccupied residences for a minimum of six months in order to be exempt from paying this tax.
Some homeowners price their rent at the equivalent amount of what their speculation tax would be. Others, who are less concerned with the financial burden and are simply looking to reduce their taxes, price their homes at extremely affordable rates. These prices may still seem steep for one person, but when they’re split among five people, they become a great value.
Benefits of Luxury Mansion Rentals
While affordability is the driving force, the benefits of renting a luxury mansion in Vancouver seem to be endless.
Most mansions are offering room rentals at prices ranging from $700 to $1,500. These prices prove to be similar to, if not more affordable than, alternative room or apartment rental rates around the city.
Sharing a house with like-minded individuals creates a sense of community in an otherwise quiet or empty neighborhood. Rather than being isolated in a studio apartment, you can spend time with others at your convenience.
Many mansions offer more than just a beautiful view, but include a spacious layouts complete with quality amenities. Some listed homes include outdoor swimming pools, game rooms, saunas, and theatre rooms.
There’s no added stress of sharing a property with an on-site landlord. The majority of homeowners hire agencies to handle all rental agreements and communications with tenants.
With about 800 mansions for rent across Vancouver, now might be the time for you to seek a new opportunity. Your luxury home experience could be closer than you think!