Prince Rupert, "Sky High Rents"


#1

I’m glad to see that your one of the people that think all people will have high enough income from all these high paying jobs to be able to even afford the sky high rents … so is the greedy attitude of some in this town and why this town goes nowhere


Petronas LNG in Prince Rupert, Happening or Not?
#2

Your post does not make sense. So you’re saying that its greed that stops this town from going somewhere.


#3

you know what he is saying, stop trolling, the only people who will be able to afford to live in Rupert are those who are making 35.00 or more an hr. plain and simple.


#4

Sky high rents? Are we talking about the same place???

Also - “Greed, for lack of a better word, is good”


#5

Ah, now you’re channeling Gordon Gecko.


#6

$35.00/hr could buy you a decent house in town or get you a nice rental.

If you can’t actually survive on a $35.00/hr wage (assuming working more than 37.5 hrs a week), then you have some sort of a financial management problem unless there’s some money sucking side show to deal with.

I don’t disagree that rent here getting a little unbearable (better than paying $1000/mth for a bachelor room in Vancouver, right? Now that’s obscene.), but at the end of the day it’s the landlord’s possession.


#7

The average salary in BC was $46,900 in 2014. Based on a 40 hour week with no overtime, that looks like about $22.50 per hour. Its also $3900 per month.

I just looked on Kijiji and there are entire houses available for $1300-1400 per month. So you could earn an average BC wage (far less than the $35 you suggest), and still only have to spend one-third of your income on rent.


#8

Add $500-$600 more if you want to live in luxury, like that house with a harbour view on Atlin Ave.


#9

yes but like i said if you make less then 35.00 an hr like most people who are at min wage to 21.00 per hr. Rent is hard to find under a 1000.00 so ya not everyone was born with a silver spoon or have a port job, Most of the people you deal with in the service industry are just getting by, but who cares if they don’t have money for food or clothing.


#10

Oasis Apartments is renting out one bedroom suites for $890 and 2 bedroom for $1000. Probably the only rental complex in town that’s meticulously well kept.


#11

I agree rents are to high and there needs to be more affordable rental units. But in reality if it wasn’t for the port jobs there wouldn’t be the amount of service industry jobs in town as there are. So Astro what do you think should be done ?


#12

Perhaps all the high paying jobs can be eliminated and the city can be turned into a kind of giant kibbutz?

Hays 3.0: “Return to the fields”


#13

is that what i said!!! don’t think so… but why do you care ? are you willing to invest in low income housing? or are you just interested in flipping property?..if LNG does not go through property will slide south again, what are your thoughts Investor ?


#14

Actually I have invested in Prince Rupert for the long term. Whether the Petronas project goes ahead or not is immaterial. Other projects, like the Altagas terminal or the port expansion, will take its place.

There has been chronic underinvestment in the housing stock in Prince Rupert, going back 10-15 years it seems. This means that even a small increase in population (as you’ve seen over the past 12-24 months) will have an outsized effect on house prices. There are simply too few decent houses around.

If there are no jobs, there is no incentive to develop property. If you want more real estate to be built, you need jobs and investment to pay for it. Like them or not, these large projects are bringing cash to the city and will result in an expanded, rejuvenated housing stock.

The properties I own are well maintained and rented out at market rates – no higher, no lower. On a side note, I have invested in mid-low income property elsewhere, but I was advised by several people to avoid that segment of the market in Prince Rupert.


#15


#16

As a home owner, making under $30 and hour and the sole income earner I can say I will be renting my basement suite out. I will be charging around $1100 to $1500 depending on the market.
From what I put into renovations, property taxes and utilities I will not even turn a profit for about 3 years.

Social housing issues are not the problem of landlords, it is an issue for government to solve.

one suggestion I would have is granting a rebate on Taxes and utilities for people renting out suits so they may pass that onto the renters. Make it an application/approval based system so the city can assist with setting proper rental rates.


#17

Astro in 3… 2…


#18

But… but… but… EVIL LANDLORDS!!! Aaarghh :smiling_imp: