Population growth in itself may not bode well for property investors looking for great rental locations. But, growth in three specific demographic groups is what makes Vancouver's projected affordable housing demand through 2036 look very promising.
Group 1: Urbanites
According to studies by the BC Non-Profit Housing Association, as reported by the Canadian Rental Housing Coalition, nationwide rental housing demand will increase as much as 36 percent in the next 25 years. Nearly three-fourths of that demand will be centered in Greater Vancouver and the Fraser Valley. That statistic alone tells us that Vancouver is the place to be, but that's not the only reason to invest in the city's affordable rental market.
Group 2: Low-Income Workers
Great cities are built by people whose pay doesn't necessarily keep up with average rents, and that trend is expected to continue. Rental housing demand by workers who struggle to pay market rents will rise 43 percent by 2036. And, working-age renters aren't the only ones who will be looking for homes at an increasing rate.
Group 3: Seniors
Elderly Canadians may be the ones who represent the most need for housing below average rents. The demand for affordable senior housing is projected to increase by 120 percent over the next 25 years. That's a number that investors just can't ignore.
As many as 200,000 more rental households will be needed in BC by 2036, more than 135, 000 in Vancouver alone. Investors should look seriously into the Vancouver market and, specifically, into providing affordable housing for tenants whose income has been outpaced by market rents.
Vision Investment Properties knows Vancouver, and we know that it can be one of the most difficult and expensive real estate markets to break into. Investors need advisors and partners they can trust, and at Vision, we have the experience and the knowledge to help your portfolio grow just as quickly as you want it to. Visit Viproperties.com to learn more.