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He said that the ads touting various deals for renting in purpose-built buildings are a new phenomenon that “we haven’t seen in forever.”

The CMHC reports that the average asking rent for a vacant unit across Vancouver is nearly 20 per cent more than an occupied one, illustrating the difference in rent tenants face if they need to move. But in some areas such as Vancouver’s West End, the increases are more modest. The difference in rent for a two-bedroom in the West End is an 8.4-per-cent increase. And for bachelor suites, there is actually a 3.3-per-cent decrease.

Beau Jarvis, president of Wesgroup Properties and chair of the Urban Development Institute’s board, said there are also higher vacancy rates in some older buildings as “folks with financial capacity” move into newer buildings. He thinks policymakers should be “paying attention to the West End submarket as it may help inform new rental/affordable housing policy.”

Hutniak agreed it will take time to figure out what rent levels the market will bear, but said there is also the prospect of a new cohort of workers and executives who are expected to make higher salaries working at large technology companies and want “brand-new units and fresh, new construction.”

Nevertheless, Yan worries about not building enough rental “for people who are here now.”

He points out that at a household income of between $50,000 to $60,000, the split between renter and owner households in Vancouver is about even, with just over 10,000 each. However, at a household income of between $90,000 to $100,000, the number of owners rises to 5,890, compared to 3,255 renters. For household incomes between $125,000 to $150,000, the number of owners at 7,805 far dwarfs the number of renters at 1,980, according to CMHC numbers.

“At the higher incomes, there is more of a choice between home ownership or renting,” he said.

jlee-young@postmedia.com