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+--- Thread: Purpose-built rental housing (/showthread.php?tid=1713)
Purpose-built rental housing - tomh009 - 07-30-2022
It seems that we are finally seeing a substantial amount of new purpose-built rental urban housing coming onto the market, which should relieve pressure on the investor condo rentals. Now open or substantially under construction:
- The Scott (2021): ~100 units
- Market Flats (2022): ~100 units
- The Bow (2022): ~200 units
- Ophelia (2022): ~200 units
- Civic 66 (2022?): ~150 units
- 169 Borden (2022?): ~150 units
- Woodside Terraces phase 2 (2023?): ~150 units
- 387-397 King (2023): ~50 units
- Drewlo downtown (2023-2024?): 300-400 units
That's roughly 1,500 units -- and over 1,000 even excluding Drewlo, which is moving rather slowly. I can't think of any significant new rental housing projects in Waterloo, though, and I don't know the Cambridge market at all. But, for Kitchener, this is far stronger rental housing growth than I recall seeing in the last 40+ years.
RE: Purpose-built rental housing - ZEBuilder - 07-30-2022
(07-30-2022, 09:40 PM)tomh009 Wrote: It seems that we are finally seeing a substantial amount of new purpose-built rental urban housing coming onto the market, which should relieve pressure on the investor condo rentals. Now open or substantially under construction:
- The Scott (2021): ~100 units
- Market Flats (2022): ~100 units
- The Bow (2022): ~200 units
- Ophelia (2022): ~200 units
- Civic 66 (2022?): ~150 units
- 169 Borden (2022?): ~150 units
- Woodside Terraces phase 2 (2023?): ~150 units
- 387-397 King (2023): ~50 units
- Drewlo downtown (2023-2024?): 300-400 units
That's roughly 1,500 units -- and over 1,000 even excluding Drewlo, which is moving rather slowly. I can't think of any significant new rental housing projects in Waterloo, though, and I don't know the Cambridge market at all. But, for Kitchener, this is far stronger rental housing growth than I recall seeing in the last 40+ years.
You also have a few purpose built rental buildings built or under construction in suburban Kitchener:
- 1425 Blockline road (~360 based on WRC thread)
- 599 Strasburg -140 units
- 595 Strasburg ~110 units
RE: Purpose-built rental housing - tomh009 - 07-30-2022
Thanks. And one more:
- 528-550 Lancaster St W
It looks like 400-500 units but I don't have a good handle of when these will start being ready for occupancy.
RE: Purpose-built rental housing - Joedelay Highhoe - 08-02-2022
It's a real shame that none of these new builds will be rent controlled. Certainly takes all of them off my radar as a renter, at least until supply catches up with demand and rental prices stop skyrocketing. Maybe in the 2100's sometime.
RE: Purpose-built rental housing - tomh009 - 08-02-2022
(08-02-2022, 10:30 AM)Joedelay Highhoe Wrote: It's a real shame that none of these new builds will be rent controlled. Certainly takes all of them off my radar as a renter, at least until supply catches up with demand and rental prices stop skyrocketing. Maybe in the 2100's sometime.
Rent control does apply to these as well. It limits the increases but there are no restrictions on what rent can be charged on a new build.
RE: Purpose-built rental housing - Joedelay Highhoe - 08-02-2022
(08-02-2022, 12:07 PM)tomh009 Wrote:(08-02-2022, 10:30 AM)Joedelay Highhoe Wrote: It's a real shame that none of these new builds will be rent controlled. Certainly takes all of them off my radar as a renter, at least until supply catches up with demand and rental prices stop skyrocketing. Maybe in the 2100's sometime.
Rent control does apply to these as well. It limits the increases but there are no restrictions on what rent can be charged on a new build.
Correct me if I'm wrong, but if you go here (https://www.ontario.ca/page/residential-rent-increases), it says:
"New buildings, additions to existing buildings and most new basement apartments that are occupied for the first time for residential purposes after November 15, 2018 are exempt from rent control. "
RE: Purpose-built rental housing - tomh009 - 08-02-2022
Ah, that's right, I forgot about that.
RE: Purpose-built rental housing - danbrotherston - 08-02-2022
Thanks DoFo!