MORTGAGE Blog & ARTICLES
Small Vancouver Rentals Offers Affordable Housing Meant for Young Citizens to Take Advantage of
Condominium and residential homes are among the most common options that residents in Vancouver can consider. This is especially true when looking for a place that can serve as their home. These are still the leading options. However, there are some changes that occurred in the real estate market. Such changes forced the residents to focus on renting instead of buying. This is mainly because of the increasing prices of these properties. As a response to this need, housing developers started designing units that young citizens can certainly afford, especially those who only have limited budget.
Among these units are located in the historic Burns Block, which now features the smallest and self-contained apartments that can be found in Canada. These developed units are a part of the cutting-edge rental-housing market in Vancouver.
Based from a report made by Vancouver Sun, the project developed behind the creation of these units is the Reliance Properties. The project involved a recently converted old hotel developed into a residential building.
The converted old hotel now features thirty furnished units. These units are designed in sizes that range from 226 to 291 sq. ft. The interior includes a kitchen excluding an oven, built-in wall bed, bathroom, flat screen TV and fold-down table. Aside from young citizens who are on a budget, these developed units are also ideal for those who are after enjoying a simple lifestyle. The unit has a small foot print keeping resident’s housekeeping requirements at only a minimum. There is also the added benefit of the million-dollar view these units are designed to offer, such as the Science World and Chinatown gate.
The interior of the unit is designed in a manner that residents will feel large about it. It is designed with a lot of windows as well. As what the president of Reliance, Jon Stovell said that the suites are specifically designed as functional even with their small sizes. He also added that it is a suite where they can live and play. The units are also conveniently located to workplaces allowing residents to simply walk to work. However, it does not have a parking space which is a reason why most do not want the suites.
According to the report, most of the tenants on the suites are on a particular age group. The age ranges from 25 to 335 years old. This is the same age group of people who are looking for affordable houses. It is due to the fact that most of the prices of residential homes are continuously increasing. Added to this issue is the difficulty of finding a job due to the competitive job market. As a result to the availability of these small living spaces, it was not surprising that all suites were successfully rented in just a single week after they were made available.
It may be true that Vancouver still remains as a place in Canada with the highest prices in home properties. This leaves most of the residents with the option of renting. According to the most recent report made by the Greater Vancouver Real Estate Board, the sales for the month of November were 5.8. These are usually below the ten-year average.
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