iN NUMBERS: Nearly a quarter of renters in B.C. spend half their income on rent
It has been tough to find a good place to rent in B.C. lately, as in, for the last 10 years and definitely into the foreseeable future.
Common advice for renters is to spend less than 30 per cent of their monthly income on rent, and it turns out most British Columbians aren’t able to follow that rule.
Here are the latest numbers for B.C. renters from Royal LePage's rental report:
- 28: Per cent of renters spend less than 30 per cent of their post-tax income on rent.
- 23: Per cent of renters spend more than half of their income on rent each month.
- 53: Per cent of renters plan to buy a home at some point in the future.
- 40: Per cent of renters are waiting for prices to go down before they buy, or they could just wait for pigs to fly.
- 45: Per cent of renters said they had to reduce spending on food and groceries to make their rent.
- 57: Per cent of renters in B.C. said that building more affordable housing units would be the best thing to improve rent prices.
- 47: Per cent of renters live alone.
- 39: Per cent of renters said that they would sign a lease for a new rental this year.
- 34: Per cent of renters said they moved from another city, province or country before signing their current rental agreement.
- 8: Per cent of renters had some kind of incentive when they signed like free parking or a move-in bonus.
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