$2,000 for 200 square feet: TikTok of Vancouver rental raises hackles

globalnews.ca:

Would you pay $2,000 to live in a 200-square-foot unit in Vancouver’s Downtown Eastside?

That’s the offer that was briefly advertised in a slick TikTok video for a unit in the Lotus Hotel at Abbott and Pender streets, and swiftly drew online backlash.

The video, first reported by CBC News, takes viewers on a tour through the tiny single-room accommodation (SRA) suite, which includes a fold-down bed, mini fridge and small bathroom. The video has since been removed from the social media platform. Global News attempted to contact its creator but did not get a response.

The suite is one of several in the building being marketed by DPM Property Management for upwards of $1,700 per month.

Sean Esser has lived in a similar unit in the building for about two years and told Global News he pays $1,300 per month.

He called the rent a “good price” in comparison to other rent he’s seen advertised in the city, but admitted it was more than he wanted to pay.

“That’s way too much for 200 square feet. I can’t even believe how much I pay and I know it’s quite an expensive city,” he said. “It’s the smallest place I’ve ever lived in and its the most I’ve ever paid.”

Earlier this week online rental unit website Rentals.ca reported the average monthly price for a one-bedroom apartment in the city had surpassed $3,000 per month.

The Lotus building was purchased two years ago by Toronto investment firm Forum Asset Management, which told Global News more than 70 per cent of the units had already been renovated.

Historic tenants of the SRA in the older units say they’re being offered buyouts.

One 22-year tenant, who spoke on the condition of anonymity, said he planned to hold out despite being offered cash if he gave up his unit. He said he