If you’re finding yourself stretched at the end of the month after paying rent and utilities, you’re not alone.
Coquitlam renters have been putting more and more of their income toward extremely high rental rates, according to a new Canadian Rental Housing Index.
The index is a comprehensive database of rental housing statistics created in partnership with municipal and housing authorities using data from the latest long-form census.
It found that Coquitlam residents are among many Greater Vancouver residents who pay between 30 and 50 per cent of their income toward rent and utilities.
(See chart below)
No one knows this more than renters looking for somewhere affordable to live.
To keep costs down, renters are looking at multiple options — from renting a condo to sharing a room.
Here’s what you’ll find to rent in Coquitlam this week:
- $600 single furnished bedroom on main floor of house in central Coquitlam, furnished with shared kitchen, washroom and washer and dryer. Distance to transit: five to 10 minutes to Coquitlam Central Station. (listing on Craigslist)
- $6,280/month to rent a five-bedroom, four-bathroom 4,100 sq. ft. house based on a one-year lease. Furniture is provided. (listing on rew.ca)
In the middle
- $2,150/month one-bedroom, one-bathroom bedroom, move-in ready, brand new suite in Burke Mountain. Offers a private parking space and entrance and ample storage. (listing on rew.ca)
Salaries aren’t keeping up
According to B.C. government salary stats, British Columbians working full-time earned an average weekly wage of $1,156.10, which works out to $60,000 a year or $5,000 per month before taxes.
However, high rents on low to average incomes means more people are likely paying a greater share of their income on rent.
Though based on 2016 census data, the Canadian Rental Housing Index is spelling out what everyone already knows.
It’s expensive to live here, especially for those on low incomes who will pay a greater proportion of their income on rent.
What the numbers say
- 40 per cent spend over 30 per cent of income on housing
- 19 per cent spend over 50 per cent of income on housing
- 35 per cent spend over 30 per cent of their income on housing
- 14 per cent spend over 50 per cent of income on housing
- 30 per cent spend over 30 per cent of their income on housing
- 12 per cent spend over 50per cent of their income on housing.
What does it mean?
According to a press release, B.C. continues to be one of the most unaffordable provinces in Canada.
“Those renting in B.C. are unable to save money for a rainy day and are at a higher risk of homelessness if evicted. Since the last census, British Columbia has had the largest increase in average rent.”
That seems to match what other rental aggregating services are saying about the Tri-Cities.
Renting a one bedroom?
Zumper, for example, reports that as of this week the average rent in Coquitlam is $2.245 per month — up 12 per cent over last year.
Port Coquitlam is slightly more expensive, at $2,250 and is up a whopping 17 per cent, according to Zumper.
Meanwhile, Port Moody is on par with Coquitlam at $2,245 for an average rent, up 18 per cent compared to last year.
What the index says
Meanwhile, the rental ranges described in the Canadian Rental Housing Index, which shows the average paid by all income groups for rent plus utilities, is $1,217 for Coquitlam.
However, the information is based on the 2016 Census.
In Port Coquitlam it is $1,152 and in Port Moody it’s $1,217.