Many Burnaby renters are looking to move because they are struggling to afford their current housing.
That’s one of the findings of Rentals.ca's first renters' survey that found that half of the respondents said they will need to look for a more affordable place to rent because of the COVID-19 pandemic.
Another 20 per cent said they were uncertain about whether they will search for a more affordable rental until they are more certain about their job status.
Another significant finding from the survey is that more than 50 per cent of renters said they are planning to move or at least thinking about moving soon.
Rents have actually increased in Burnaby.
Burnaby ranked as the 3rd most expensive rental market in the nation last month with the prices of one and two bedrooms settling at medians of $1,750 and $2,300, respectively, according to rent track Padmapper.
Notably, the price of one bedrooms in Burnaby is up 11.5% since this time last year.
Rents are staying “fairly high” in Burnaby despite COVID-19 driving down prices in many other Canadian areas, says another new report.
The average monthly asking rent for all property types in Canada was down 1.4% in May over April to $1,814, according to the latest National Rent Report from Rentals.ca and Bullpen Research & Consulting.
The COVID-19 pandemic continues to put downward pressure on the rental market nationally, with rent down 7.2% from the peak in September at $1,954 per month.
But in Burnaby, the city still managed to come in 13th on the list of 34 cities for average monthly rent for a one-bedroom home at and landed on the top-10-worst list for average monthly rent for a two-bedroom.
Rentals.ca asked its users five questions in May about whether COVID-19 is transforming how they search for a new place to live, if they plan to move or have worries about moving, and how much more they are relying on online tools.
Compare Rentals.ca’s finding of 70 per cent uncertainty among renters about their ability to pay rent with a study done by TransUnion in April on “The Consumer Financial Hardship Study: The Impact due to COVID-19 in Canada.”
In the TransUnion study: “Of those who say they’ve been affected financially, 70 per cent are concerned about their ability to pay bills and loans.”
The Rentals.ca survey indicates one positive side-effect of the coronavirus pandemic - more budget-conscious Canadians. And, living within the confines of a budget could be a good trend for Canadian renters/consumers during these uncertain times.
Job losses, furloughs, health concerns and caution could be at play in Canadian renters moving down to save money.
