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Purpose-Built Rental Construction on the Rise
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(Posted on Jun 15, 2016 at 01:00PM by Michelle Bogle)

Demand for purpose-built rental construction continues to intensify as affluent renters face near zero vacancies in Vancouver and as housing prices in the region continue to skyrocket.

Much of the rental stock that is available is often outdated construction and apartment buildings â€“ many of which are approaching the end of their function and life span, thus increasing the call for new builds.

For investors, purpose-built rental construction is very appealing, especially those looking to capitalize on the rise in rents in a populous city of renters willing to pay for modern condo-style accommodations.

Add in the City of Vancouverâ€™s incentive programs in support of purpose-built rental construction and we have an equation for steady growth and rejuvenation of the cityâ€™s dated rental stock.

There are a number of approved purpose-built rental buildings in Vancouver including:
Â

Townline Homes, a 389 unit building on 1335 Howe StreetÂ
Westbank Corp., a 236 unit building on 5050 Joyce StreetÂ
Austeville Properties, a 171 unit building on 1754-1772 Pendrell StreetÂ
G6 Venutures Ltd., a 95 unit building on 7350 Fraser StreetÂ

BlueSky Properties, a 191 unit building located in Vancouverâ€™s Chinatown, was recently completed and is actively leasing to renters. Â The list of proposed purpose-built rental buildings is also growing.Â

For more information on multi-family assets in the Lower Mainland, please contact our Vancouver office to speak with our team of skilled commercial real estate advisors.

You can also view our current listings by clicking here.