More people are renting in Vancouver for various reasons, and developers are changing how rental properties are built to accommodate an evolution in renter behaviour.
One of the most obvious and notable reasons is affordability, as many Vancouver residents don’t have the finances to purchase a home.
However, renting does have other benefits, and some developers are adding value by offering amenities and features similar to those in a standard home.
“The more options and the more choices we have, the better it is for everyone,” Andrew Charney, director of residential asset management with Peterson Group, told Daily Hive.
Vancouver renters are spending more time in rental housing than previous generations, and new rental developments seem to be accommodating that reality.
Peterson is behind the Revolve development in East Vancouver at Kingsway and Glen, which is expected to be completed later this year. Some of the amenities and incentives being offered might even make a few homeowners jealous.
The development offers studio, one-bedroom, two-bedroom, and three-bedroom units, but the physical amenities and the “Peterson perks” make this rental property stand out.
“Nowadays, there’s less of a stigma against living in rental housing. I think a lot of people find that there’s security in it,” Charney said.
That’s not necessarily the case for everyone, as we often hear stories about people being priced out of rentals or renters losing their homes thanks to landlord-use evictions.
“The flexibility is really key,” Charney added, pointing out things like people moving around for job opportunities, relationships, or different adventures.
Charney also said that he believes some homeowners are choosing to rent for the added flexibility. He adds that the types of amenities and perks being offered at Revolve are going to be what help rental developments stand out.
“Renting allows for that flexibility.”
Revolve also offers some ways to get to know your neighbours, something many folks who live in older Vancouver apartment buildings can’t necessarily do, with the addition of things like social lounges and dining areas. It will offer a co-working space with WiFi as well.
There’s also a kid’s play area and community garden for families. Revolve will be pet-friendly, which many Vancouver residents hope will become a trend in modern developments.
Prices aren’t yet listed for Revolve, but you can apply to be put on a waitlist now.
If you’re a Vancouver renter, what do you think your apartment or rental home is lacking? Let us know in the comments.