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Hastings is a historically important neighborhood with many of the cities firsts taking place in the area, including Vancouver’s first telephone, road, hotel, wharf, post office, subdivisions and museum. The neighborhood began its development way back in 1911 when residents voted to merge with the city of Vancouver. Before then, Hastings was known as a small resort town with many of Vancouver’s echelons and social elite owning property and homes in the area. After the merger with Vancouver, Hastings’ growth has been rapid and steady. Better ties to New Westminster and Vancouver have been established, a factor that now attracts several apartment renters.
With the apartment vacancy rate in Vancouver increasing to 2.1% after several years below 1%, finding an apartment in Hastings is now an easy task. This is not the first time this is happening as renters had an easy time finding rental accommodation through the fall of 2009. The same scenario is now taking place once again. High vacancy rates translate to a wide range of choices or rather options when it comes to hunting for an affordable apartment.
Although Vancouver’s vacancy rate is at the moment slightly below what it was last year, the rate is still among the lowest in Canada and below the national average. That explains why Hastings apartment vacancy rate now sits at 1.8%, which translates to $784 or more for a studio, $817 for a neat one bedroom apartment and $1,085 for a 2 bedroom apartment. 3 bedroom apartments will cost you $1,296 or more. Then like always, location determines how much rent one will pay.