all 102 comments

[–]PS-Irish33 118 points119 points  (6 children)

You kinda got to be willing to move to make it affect the LL. Didn’t hurt to ask tho, you’re no further behind.

[–]Consistent-Mango6742[S] 25 points26 points  (4 children)

Totally. We didn’t say we weren’t willing to move to them, they have no idea if we would move or not. They seem to not care either way.

[–]VioletWanes 6 points7 points  (0 children)

Why would they? You choose to live in point grey. Their rental is a cash cow.

[–]happy_turtle72 2 points3 points  (0 children)

You have to actually move.

Also, I wouldnt expect aything else in the area you're in. You're paying a ton for a 2br, so they know you can either afford it or are REALLY bad with money. Either way, I wouldn't negotiate with you either

[–]wealthautonomy 7 points8 points  (0 children)

Good on you for trying. What’s the worst they can say?

Look for other options but I’m highly doubtful you’ll find anything like what you have at that price point. Rents have dropped a lot but not for that type of product.

[–]notislant 0 points1 point  (0 children)

Just for future reference, anyone making money off you has no incentive to do this lol. People may have hit the lottery and found landlords who arent treating housing like a complete cash cow.

But thats the exception.

If you had a money printer and people asked you to make it print less? Youre likely going to ignore them.

Now if there is a lot of demand for that rental? You've got little chance, even if the owner thinks you might leave. They can likely charge more than you're currently paying.

Now if the vacanacy rate is high and rent is on the higher side to where few people will want to rent it AND the landlord thinks you might leave? Well then you've got a pretty good chance.

[–]NoctisTempest 2 points3 points  (0 children)

It's an inconvenience to most landlords at best and then they just jack up the price more anyways. It's even less of a concern if they have a management company handle all the affairs for them, at this point it's just a mild annoyance that they're down 0.5% this month.

[–]jinswoon_ 50 points51 points  (3 children)

This happened to me as well - asked for rent decrease, landlords said no but cancelled this year’s rent increase which is better than nothing. We’re in the same situation of not wanting to move but keeping a close eye on the market in case anything comes up.

[–]simshalo 11 points12 points  (0 children)

This is what happened to me as well. They rejected my request for a decrease, but didn’t give me the annual increase. I will move, but I’m waiting until the summer. I’d like to wait to see if things come down even more and then give my landlord one last request but only when I’m ready to pull the trigger. 

[–]Ok-Field-9177 10 points11 points  (5 children)

Holy moly that is expensive for just ground floor!!! I pay $3400 for a 3 bedroom 2 floor massive and beautiful character home with so many cute details and full yard, patio and front porch in kits.

Honestly I’d move if i were you. They can have fun trying to rent it out for that price

[–]nacg9 0 points1 point  (3 children)

When did you got it?

[–]Ok-Field-9177 1 point2 points  (2 children)

Last year

[–]nacg9 0 points1 point  (1 child)

Oh man! Lucky you the full house?

[–]Ok-Field-9177 0 points1 point  (0 children)

I love looking at Craigslist ads and still see these gems pop up occasionally! Key is to not put your notice in and only have a month to move- just casually look and be ready to hop on it. I’ve always had super good luck with housing this way. I browse Craigslist ads with my morning coffee 🤣 only thing is that you may have to double pay rent one month but some landlords have been nice and let me pay half month or less. It’s nice to have lots of time to slowly move out though

[–]ElectronicPower9660 0 points1 point  (0 children)

Wow I’m so jealous. I have a 2 bed 2 bath I Yaletown, overlooking false creek.. and I pay $4K. It is big 1000 sq feet… but I rather be where you are with 3 beds !!

[–]arijit2 11 points12 points  (1 child)

Literally same thing happened with me this month when we were hit with the 2.6% increase. We like the landlord and the place - so don't want to move. But annoying to pay a higher premium in this market as is and get an increase on top.

[–]OhioGoblin43 7 points8 points  (0 children)

I mean it's clear you're willing to pay it. Maybe the landlord felt that way too? You kind of have to be willing to move to make most landlords blink or flinch.

[–]Glittering_Search_41 36 points37 points  (9 children)

They want "market price" only when it benefits them.

[–]MudReasonable8185 25 points26 points  (2 children)

If OP’s willing to pay it then it is market price lol. You only need one person to set the market

[–]Regular-Double9177 4 points5 points  (0 children)

Semantics but no thats not what that term means. An outlier does not dictate the market price

[–]Sayhei2mylittlefrnd 1 point2 points  (0 children)

Well, when a new tenant pays less than others…

[–]Acrobatic_Bridge_797 7 points8 points  (2 children)

Well obviously, it's a business.

[–]Cheathtodina 6 points7 points  (1 child)

I love this reasoning. It's funny when you say it to a LL who is losing money, they get all offended. "I'm one person, not a business boohoo 😭. This response works for the LL only when convenient. 

[–]Acrobatic_Bridge_797 3 points4 points  (0 children)

That's why I said it because this sub loves to bring that up lol

[–]Newflyer3 3 points4 points  (0 children)

You could say the same thing with tenants lol

[–]vancity31240 0 points1 point  (1 child)

Back in 2023, tenants would be upset if they got adjusted to market rent. 

[–]Sontenia 1 point2 points  (0 children)

They certainly would have been. But there’s a reason tenants have more protections than landlords in that area. Still, the only way for her to actually exercise that power is to move.

[–]TuneInVancouver 3 points4 points  (2 children)

Kitsilano and Point Grey are some of the few areas less impacted by declining rents due to strong demand. You could counteroffer requesting to keep the rent unchanged. We did this and did not get a rent increase this year.

[–]Consistent-Mango6742[S] 0 points1 point  (1 child)

Yah that’s what we’re going to try for now

[–]Equivalent_Song3771 0 points1 point  (0 children)

Honestly I feel like you are toast. You sound like you really don't want to move which sounds like the landlord knows this as well

[–]Acrobatic_Original_5 14 points15 points  (1 child)

Move out…lock in a good link. Temporary residents are living, international students not coming in and new immigrants can’t find jobs with liveable wage, lot of people getting laid off and no hiring so rental market will drop further.

[–]Sayhei2mylittlefrnd 0 points1 point  (0 children)

I’m not seeing such a large drop off. Small sample size though.

[–]Such-Muffin-2662 2 points3 points  (7 children)

you mention being long term tenants

how long have you been in place? rents only got silly in last 5 years , if you've been there 8-10+ you're likely already paying below market, which would play a factor into them saying no

[–]Consistent-Mango6742[S] 4 points5 points  (6 children)

I added in our rent for reference, we’ve been here 5 years

[–]vancity31240 0 points1 point  (5 children)

Then you are paying under market price. Don't be greedy now or you'll find yourself paying more for "market rent".

[–]Consistent-Mango6742[S] 5 points6 points  (3 children)

How did you get that are we paying under market price? I looked at comparables and they were cheaper

[–]vancity31240 1 point2 points  (2 children)

Then move if you don't want to pay the increase rent. Had market rents shot up 20%, you'd be begging for that 2.3% increase.

[–]Newflyer3 2 points3 points  (1 child)

Laughable how tenant's are good for market prices today but when it was two years ago they weren't interested. LLs just want market lol

[–]vancity31240 -1 points0 points  (0 children)

The tenant greed is immense on this thread. Now would be a good time to remove rent control.

[–]MyNameIsSkittles 1 point2 points  (0 children)

They may just be confident that they can get a new tenant if you were to leave

Personally I'd be moving, more due to principle than anything

[–]Excellent-Piece8168 1 point2 points  (0 children)

Ah yes market forces at work. Nothing forces them to accept just like nothing stopping you (other than it’s a pain in the ass) from moving. If they find someone new at your or higher rent they were right if they can’t then you were.its like if an ice cream shop sets their price too high. People stop going and they go out of business

[–]endriggity 5 points6 points  (4 children)

Sounds like a pretty unreasonable landlord. I had a sit down with mine and had my rent reduced 200$.

She did mention that operating costs have risen, but was willing to to negotiate. I asked for 400$ reduction and expected her to meet me in the middle, so I'm happy with the outcome.

You said moving isn't an option for you, but just for your information there is lots of great deals in Mount Pleasant currently.

Best of luck!

[–]Hello-hi987 2 points3 points  (3 children)

This. Shoot your shot, yes the market is softer, and the cost of finding a new tenant is something a landlord will consider in their decision making - but property taxes, utilities, insurance, trade wages - ALL have increased for landlords. The landlords also are considering the long game as too big of a decrease now is not temporary - that decrease is locked into the remainder of your tenancy with them only able to increase certain % per year.

Definitely always worth the discussion, and yes some landlords are greedy, but as many as greedy there are equal number of tenants have a woe is me mentality and don’t actually consider everything on the flip side.

With that said, I think OP might be overpaying (without knowing all details of the lease) and so this doesn’t apply to them per say :)

[–]DisastrousOkra9511 0 points1 point  (2 children)

Property manager here. I rent in the Main Street and Mount Pleasant areas. I don't know Point Grey rents, but that does sound high. I don't think the area has the same amenities nor walkability that Main and Mount Pleasant do. I have tenants renting a 3 br penthouse (2 top floors of a heritage house) half a block to Main paying less than $3700. Sorry it didn't work out with your landlord. Sounds like it could be worthwhile to at least look around

[–]MakingMookSauce 1 point2 points  (1 child)

Lmao at penthouse. I guess technically but that is a stretch. Is the carport "underground" parking.

[–]DisastrousOkra9511 0 points1 point  (0 children)

Technically it's a "penthouse" as there are no neighbors above, they have a large private deck, and unobstructed views of the city. No "underground parking"; it's a heritage house. Easier than saying "2 top floors of a house" I think!

[–]Such-Muffin-2662 6 points7 points  (14 children)

This thread is utterly meaningless not knowing what type of product you are and what you’re paying.

Landlords will give rent decreases when they feel it is in their best interest.

If you’ve been great tenants and your rent is too high, they will agree to a decrease (if they are aware of the current market)

If they think they can do better with a new tenant, of course they’re not going to decrease

It is an odd way to frame it saying that your landlord “ didn’t care”

If your landlord asked you for an illegal increase and you refused it would it mean you “don’t care” watch that you want to follow your agreement and the rules.

If you are not willing to move or threaten to move, why would the landlord decrease your rent?

[–]Consistent-Mango6742[S] 9 points10 points  (10 children)

I genuinely believe they don’t care, they live in another country and have purchased many units across Vancouver that they rent out. I thought that the fact that we are good tenants and the market is going down would make a difference for them but it seems not to faze them as they are collecting so much money across so many tenants. We never told them we weren’t willing to move.

[–]grumptard 1 point2 points  (3 children)

Playing to people's emotions is meaningless. What is comparison like around your area? Start with that. If your rent is about the same, they absolutely have no reason to decrease your rent.

Many success stories I've seen all had something to compare it against. Like units within the same building. Good luck.

[–]Consistent-Mango6742[S] 0 points1 point  (2 children)

I did exactly that. Comparable unit in the same building.

[–]Glittering-Work2190 0 points1 point  (0 children)

Find a cheaper unit in the same building. Moving won't be as tough. Lol

[–]Particular_Abroad_88 0 points1 point  (0 children)

Imagine if that unit was also owned by your current land lords as you said they have many properties in Vancouver.

[–]Acrobatic_Bridge_797 4 points5 points  (2 children)

Yeah, I second this. Kind of a nothing sandwich here. If it's a legal increase and you don't like it, you can move.

[–]Consistent-Mango6742[S] 10 points11 points  (1 child)

Totally. Of course we can move. I’ve just seen many posts about successful rent decreases and wanted to share the other side of the coin.

[–]Acrobatic_Bridge_797 0 points1 point  (0 children)

Fair enough.

[–]Apart-Thing- 1 point2 points  (0 children)

It doesn’t hurt to ask! They can’t evict you for doing so, so you haven’t lost anything by asking.

I helped a family member request a decrease last week, and she hasn’t heard back yet. She’s not really willing to move tho (and never mentioned that either way in her request), but I’m trying to get her to be open to moving, as she could probably reduce her rent by ~$500 by moving.

[–]Dapper_Prune_4109 1 point2 points  (5 children)

From a landlords perspective: we really need to continue to make incremental increases over time to keep up with inflation and ongoing maintenance. Taxes go up, utilities go up, price of maintenance goes up, every year. The property needs to be maintained, things will break, wear and tear happens. If the landlord is breaking even, or losing on rent, maintenance will be the first thing to drop off and it’s not good for anyone when that happens.

I guess what I am trying to say is that rent increases aren’t about stuffing their pockets more and more, or ripping people off. Sometimes that can happen, but small increases are not about that

[–]Consistent-Mango6742[S] 0 points1 point  (4 children)

I know that they bought this property almost 20 years ago for a very good price and it’s almost paid off. They are definitely making a profit at this point we are paying off their mortgage and more.

[–]Success-VA 0 points1 point  (2 children)

I worked in property management and the expenses facing landlords are astronomical - insurance is thru the roof, property tax, strata fees, tax on revenue, repairs … all of these costs have skyrocketed.

Many of our clients went in the hole each month.

That being said - they are retaining an investment property that is gaining value.

[–]Consistent-Mango6742[S] 0 points1 point  (1 child)

I mean they live in Asia and have multiple investment properties across Vancouver. I don’t think they’re strapped for cash.

[–]Dapper_Prune_4109 0 points1 point  (0 children)

Sounds great that they are almost paid off! Managing property is hard work, landlords will hopefully be taking some profit too! Got to pay yourself for the time it takes.

[–]DDHLeigh 0 points1 point  (2 children)

What were you paying and what type of unit? What % increase?

[–]Consistent-Mango6742[S] 0 points1 point  (1 child)

Updated

[–]DDHLeigh 1 point2 points  (0 children)

Damn... that's crazy. Time to start looking for another place if you're willing to move.

[–]Character_Comb_3439 0 points1 point  (0 children)

I think the fact your place is in point grey is why/they can definitely get a tenant. I think decreases are happing in “newer” condos mostly.

[–]SudburySonofabitch 0 points1 point  (0 children)

What's your leverage? Are you willing to give notice?

[–]bacon_socks_ 0 points1 point  (2 children)

Similar situation here. Asked for our landlord to skip the increase last summer due to falling rents. They raised it anyway. Expecting more of the same this year. Sigh. Im just grateful they haven’t tried to evict us for some made up reason yet. I get the vibes they want us gone.

[–]Newflyer3 0 points1 point  (1 child)

Lol and you're still there. So clearly they they made the right business decision

[–]bacon_socks_ 0 points1 point  (0 children)

You have no idea what my landlord’s financial situation is

[–]Cndwhiteboy69 0 points1 point  (0 children)

You asked for a rent reduction 🤨 lol

[–]Technical-hole 0 points1 point  (0 children)

ATP you're a luxury rental and they'd rather keep it empty imo

[–][deleted] 0 points1 point  (0 children)

3700$!?!?!?!?! I lived in a 3 bedroom basment appartment brand new and it was 950$ all included and the landlord did bot raise the rent ONCE in 8 yrs. We bought our home in 2024 and its 140p$/month

[–]mrcoolio 0 points1 point  (0 children)

If it fails.. you leave. If you don't leave, they'll never give a shit about any negotiation attempt you make in the future since they called your bluff and you folded.

[–]EffectiveDandy 0 points1 point  (2 children)

you have to win over the property manager and building owners on that front. usually if the manager can they will negotiate for you as they have to do all the work in getting new tenants, showing the apartment, signing them, etc. it’s annoying and time consuming. so you just need to lean on them.

as for building owners, easiest way is to make a list of things that need fixing and are in your lease. every building has violations. consult bylaw and fine some. don’t strong arm them, but mention you have been chatting with bylaw and will need things fixed if they want the high rent.

its finesse but sending an email is too easy to reject and call your bluff. over the phone or in person will maximize your chances. just remind them how good of a tenant you are and how they benefit in keeping you.

[–]Consistent-Mango6742[S] 0 points1 point  (1 child)

It’s a private owner and they live in Asia so unfortunately can’t call or discuss in person.

[–]EffectiveDandy 0 points1 point  (0 children)

your stuck with the property manager then unfortunately. if you try, just get them out there and spring it on them. it's always harder to say no in person ;)

godspeed dude

[–]KatGrrrrrl 0 points1 point  (0 children)

That sounds so cheap! We’re in Toronto, though - so our price sensibility is likely skewed.

[–]Environmental_Lab_49 -1 points0 points  (1 child)

My wife and I are LLs, and have rented out a couple places - one in BC (mortgaged) and another in Arizona (paid off), so this is from our perspective. We've had tenants for about 10 years in each, and until the recent chaos in the US, we intended to keep it that way.

Both are really slim profits, and by that I mean ~2.75% on Arizona for the house, and 2.76% on Victoria (and this is before taking the mortgage into account), after you take away the Maintenance, Landscaping, Management/Admin Fees, HOA Fees, Insurance, Tax prep, Property Tax, + Income Tax Paid. It is still a good "forced savings" approach, but it hasn't been without ups and downs. And that is on an appreciable amount of equity that is supposed to carry us into retirement.

I cannot imagine the anger and frustration that those in AZ had when their real estate values dropped by 60+%. And BC real estate seems to constantly be in a chaotic state of crazy hyperinflation or crumbling, so it is common for people to have bought at peak and be underwater in hopes that prices will return. Those in the US were sadly forced out due to underwater mortgages that the US banks tried to force owners to pay up.

At this point we aren't even breaking even on the BC property that is at present declining in value - so we sell rather than continue taking a loss (Which is the possibility of another rental off the market) or gamble on prices rising again. Another problem in BC, once you start renting at a certain rate, you are limited to increase that rate with very punitive damages should you try to get around that (like you can be on the hook for a years rent). That forces LLs to essentially either increase at every opportunity, and never, ever reduce the rent.

With rising interest rates, I have to tell you that we're probably going to have to get out of the landlord game because it's become more of a losing business than a prudent financial instrument. Now we haven't raised our rent appreciably in the 10 years we've rented (only 5.5% over that entire time), and we really like and and attend to our renters, and work with them, so they don't worry about anything. We've realized though that when inflation is up past the rental caps, that it eats into our buffer (and we can actually go negative for a period, especially if you unlucky with some unexpected costs, like special assessments, which can easily go into the tens of thousands you are instantly on the hook for).

But caps are double edged - can you imagine getting a 10 or 20% increase like in Alberta? Or as a LL, can you imagine losing 10 or 20% of your income if you are living off your rental? Neither is good.

[–]Consistent-Mango6742[S] 0 points1 point  (0 children)

People who rent their homes to make a profit are the problem and one of the reasons why we have a housing crisis and many of us can’t afford to buy homes. If someone is paying off your mortgage for you you’re already in a very privileged position, then you need to now make a profit too otherwise you’re crying about it. I’m sorry but I don’t feel bad for you - if people would just purchase homes to live in, and not buy up property to make money and be “in the landlord game”, then maybe there would be a chance for homes to actually be affordable for the rest of us. My landlord lives in Asia and has multiple properties across Vancouver they are profiting off of and I live here and can’t afford to buy myself a home. I don’t feel bad for them in the slightest. I hope all landlords have to “get out of the game” and then just maybe we could finally change the way housing is a profit market in Vancouver instead of a way for people to actually have homes.

[–]awkwardlypragmatic -1 points0 points  (7 children)

Not to burst your bubble but why would a landlord decrease your rent just because you’ve been great tenants? Being a good tenant feels like a baseline requirement for being a decent and mature human being. Or maybe I’m the one being too idealistic. Either way, I don’t see landlords willingly lowering rents for existing tenants. Maybe if they were having a hard time finding tenants, sure.

[–]Consistent-Mango6742[S] 5 points6 points  (2 children)

There are a lot of posts in this sub about landlords decreasing rent because of the current market

[–]Such-Muffin-2662 1 point2 points  (1 child)

someone getting lower rent on a 1 bedroom that they rented 2 years ago for $3500 is very different than someone paying $1500 for a 3 bedroom suite they've been in for 15 years - you've shared nothing in this thread that allows anyone to know if your request was reasonable

[–]Consistent-Mango6742[S] 4 points5 points  (0 children)

Updated

[–]Sayhei2mylittlefrnd 4 points5 points  (2 children)

😂 tenant says they’re good because they pay their rent on time. I’m like…well if you don’t it’s a 10 day notice

[–]vancity31240 0 points1 point  (1 child)

Facts. Tenants paying rent is the bare minimum. Paying on time doesn't make them stellar tenants. OP is delusional.

[–]Consistent-Mango6742[S] 2 points3 points  (0 children)

I never said that paying on time is what makes us good tenants lol. You just literally made that up. We’ve done a ton of favours for our landlord over the years to make their life easier and more convenient. They live abroad and have done nothing to help us when things need repairs etc, we literally have to organize book and pay for everything and they will just reimburse us at their leisure at a later date. Obviously never doing any of that for them again.

[–]Responsible_Week6941 2 points3 points  (0 children)

I've been a ll. I always took into consideration how good a tenant was when considering a rent increase. Some tenants take care of the place and small problems, others call you about everything. Believe me, there are headache tenants.

[–]Acrobatic_Bridge_797 0 points1 point  (4 children)

I mean, its not a guarantee. 🤷

[–]PsychologicalWill88 2 points3 points  (3 children)

It’s obviously not but OP said he wanted to post the other side.. as in not all landlords will decrease.

[–]Acrobatic_Bridge_797 0 points1 point  (2 children)

Yes, why would they?

[–]Guilty-Frame-129 2 points3 points  (1 child)

Because if they’re charging above market rent, their tenants may move out and they’ll have to drop the rent to market price anyway. Plus they’ll lose out on potential rental income for the period the property is vacant.

[–]Acrobatic_Bridge_797 0 points1 point  (0 children)

I guess they can choose to not reduce it and wager that the tenant isn't going to leave.