Deciding whether to have a rental property or buy a home isn’t always a simple choice, especially in a city like Surrey, where the real estate market is always evolving, and so are people’s needs.
Some are looking at rental properties near me while saving for their first home. Others are ready to take the leap into home ownership but want to make sure it’s the right time. And many are exploring the idea of rent-to-own homes as a way to transition from renting to owning.
No matter where you are on your journey, understanding the real pros and cons of each option can help you make the decision that’s right for you.
Rental Property: The Flexible Choice
There’s a lot to love about renting, especially if you value flexibility or aren’t quite ready to commit to a long-term home.
Why Renting Works for Many People
- Fewer upfront costs
Renting doesn’t require a big down payment. Usually, it’s just the first month’s rent and a deposit. - Freedom to move
If life takes an unexpected turn, a new job, a new relationship, or a desire to explore a different neighbourhood, renting makes it easy to pack up and go. - Less to worry about
Repairs and maintenance? That’s on the landlord. Renters don’t have to budget for unexpected home expenses.
What’s Happening in Surrey’s Rental Property Market
Surrey is one of the most desirable places to live in Metro Vancouver, and its rental market reflects that demand:
- 2-bedroom apartment rent averages $2,300–$2,500/month
- Neighbourhoods like City Centre, Fleetwood, and Guildford are especially popular with renters right now
(Source: Rentals.ca, 2025)
Things to Think About
- You’re not building equity
Monthly rent payments don’t contribute to your long-term wealth. - Rent can go up
BC allows rent increases of up to 3.5% in 2025, and with demand rising, this is something to plan for. - Limited control
If personalising your space or keeping pets is important, renting may come with restrictions.
Home Ownership: Building a Place That’s Truly Yours
Buying a home is a big decision, but for many, it’s a rewarding one. Home ownership isn’t just about owning property; it’s about building stability and creating a space that feels like home.
The Benefits of Buying
- Builds equity over time
With each mortgage payment, you own more of your home, and over the years, that adds up. - Potential for appreciation
In Surrey, home prices have consistently gone up. Over the past decade, properties have appreciated by 5–7% per year on average. - Freedom to make it your own
Paint the walls, renovate the kitchen, plant a garden, as a homeowner, the choices are yours.
A Look at the Current Market
- Detached homes average around $1.57 million
- Townhomes are typically in the $900K–$1M range
- Condos remain a more accessible option, priced at about $550K–$600K
(Source: Fraser Valley Real Estate Board, 2025)
Important Considerations
- Higher upfront costs
You’ll need a down payment, pay legal fees, cover home inspections, and more. - Maintenance is your responsibility
Homeowners should budget roughly 1% of the home’s value per year for upkeep. - Less flexibility
Selling a home takes time and planning. It’s not as simple as giving 30 days’ notice.
Rent-to-Own Homes: A Pathway to Home Ownership
Not ready to buy just yet, but still want to move toward owning a home? Rent-to-own can be a great in-between option.
How It Works
Rent-to-own agreements let you live in the home you want to buy while giving you time to save for the purchase. A portion of your rent goes toward your future down payment.
Why People Choose Rent-to-Own
- Time to build savings or improve credit
If buying feels just out of reach right now, this gives you breathing room. - Try before you buy
Get a feel for the neighbourhood and the home before fully committing. - Progress toward ownership
Instead of renting without a plan, you’ll be moving steadily toward buying.
Typical Structure
- A 2–5% option fee upfront
- Monthly rent includes a credit (often $300–$500) toward your eventual down payment
- A clear timeline (often 2–3 years) to move from renter to owner
Renting vs. Buying: Quick Comparison
Here’s a snapshot to help weigh your options:
| Factor | Rental Property | Home Ownership |
| Upfront Costs | Low | High (down payment + closing costs) |
| Monthly Payments | Fixed rent (can increase annually) | Mortgage + taxes + maintenance |
| Flexibility | High | Lower (takes time to sell or move) |
| Building Equity | No | Yes |
| Personalisation | Limited | Full freedom |
| Maintenance | The landlord handles it | Homeowner’s responsibility |
Making the Right Choice for Your Life
There’s no single answer to the “rent vs. buy” question, because everyone’s situation is unique.
- Rental Property may be the perfect fit if flexibility matters or you’re still building savings.
- HomeOwnership is ideal for those who are ready for long-term stability and want to build equity.
- Rent-to-own offers a smart bridge for anyone who’s preparing for ownership but needs a little more time.
No matter where you stand today, Surrey offers opportunities for all types of buyers and renters. Taking the time to understand your options and what will work best for your life right now is always the smartest first step.
Frequently Asked Question(FAQs)
Is it cheaper to rent or own in Surrey right now?
It depends. Renting has lower upfront costs, but homeownership allows you to build equity. Monthly costs can sometimes be similar, especially with condos, but owning has added responsibilities like maintenance and property taxes.
Are rent-to-own homes easy to find in Surrey?
They aren’t always widely advertised. Working with a local real estate expert can help uncover opportunities and ensure any rent-to-own agreement is structured fairly and legally.
How much down payment is required to buy a home?
For homes under $500,000, the minimum is 5%. For homes over that price, a 10–20% down payment is common, especially if you want to avoid mortgage insurance.
Does renting make sense long term?
For some people, yes. If flexibility or lifestyle is a priority, or if home prices don’t align with your budget yet, renting remains a smart choice. Many renters also invest the money they would otherwise put toward a down payment.
How much should homeowners budget for maintenance?
A good rule of thumb is to set aside about 1% of the home’s value per year for upkeep. For a $600,000 property, this means roughly $6,000 annually.
Ready to Explore Your Options?
Whether you’re interested in rental properties near you, curious about rent-to-own homes, or considering making the move to home ownership, having the right guidance makes all the difference.
Silky Girdhar Personal Real Estate Corporation is here to help you navigate Surrey’s ever-changing market with clear advice and local insights, so you can make the choice that truly fits your life.
Get in touch today and take the next step with confidence.
0 Comments