New purpose-built rental buildings are on the rise in the GTA
With such an intense focus on Toronto’s condo market in the last few years, many prospective renters have relied on condo options for their rental needs. What this information has indicated to developers is clear: there is an apparent demand for rental units in the GTA. Accordingly, expect to see a rise in purpose-built rental projects in the near future.
Purpose-built renting is just like it sounds: buildings and developments constructed for the sole-purpose of renting. These developments offer renters more flexibility when compared to condos. These purpose-built rentals are also being designed with amenities comparable to those found in condo buildings including pools, workout facilities, party rooms and even in-suite laundry.
According to Urbanation, Canada’s leading condominium market research company, there are currently 8 such projects underway in the city in 2015 and another 37 proposed for 2016.
Shiplake currently has two purpose-built rental projects under construction. Balliol Park, a two building development at Yonge and Davisville Ave, will add 499 rental units to the city’s supply. Lillian Park is also a two-tower community that will have a total of 520 units. These units will all have hardwood floors, high-end appliances and other condo-like amenities.
Daniels Corporation, in partnership with SunLife Financial, is currently working on the first brand-new purpose-built rental development in Mississauga in 20 years. Skryrise, which was featured in a National Post article in March 2015, is a 25-storey, 324-unit building will be located at Eglington Ave West and Erin Mills Parkway. It will feature an outdoor BBQ terrace, party room, business centre, fitness center, in-suite laundry and several community garden plots. The project will also be eligible for the Daniels Home Investment Program (HIP), which is designed to help residents make the transition from renting to owning. Tenants can be credited up to $200 a month, to a maximum amount of $6,000, to put towards their down payment on the purchase of a new Daniels home.
As the demand for rental units in the GTA rises, renters should expect to see plenty of projects break ground that are similar to the ones mentioned – hassle-free, exceptional rental living options with condo-like amenities.