Affordability of Purpose-Built Rental Housing for Young Adult Singles in Greater Vancouver CMA, 2006

Abstract

This study examined the affordability of purpose-built rental housing for young adult singles (ages 18 to 29) in the Greater Vancouver CMA. The aim of the report was to determine the affordability of different types of rental units (bachelor, 1 bedroom, and 2 bedroom), as well as units within different sub-areas of the Greater Vancouver CMA, and affordability of units for young adult singles in different income quartiles. This was completed using two methodologies. Both methods utilized an 'ability to afford' approach. The first method calculated the rent to income ratio that young adult singles in different income quartiles would have to have spent in order to afford 'average rent' units of different types in different sub-areas. The second method calculated the percentage of young adult singles who could have afforded to rent different types of units in different sub-areas. Both methods used income data from the 2006 Canadian census and rent data from Canada Mortgage and Housing Corporation's 2006 rental market report for the Greater Vancouver CMA.