Incoming tech workers, downsizing empty-nesters, international students will all add to demand for purpose-built rental homes, says researcher
According to Michael Ferreira, principal of market research for Urban Analytics Inc., he offered his take on what’s required in terms of purpose-built rental units.
Ferreira believes foreign students could require 10,000 to 20,000 units. Downsizing empty-nesters could need 38,000 units, according to numbers provided by GWL Realty Advisors Inc., while their children could require 10,000 to 15,000 units.
And let’s not forget about all those jobs the booming tech sector is drawing to the region: Ferreira said that with 20,000 workers coming, it’s fair to add another 10,000 to 15,000 units to demand, especially as many of them will be foreign nationals who have better things to spend their cash on than B.C.’s foreign buyer’s tax.
Add those numbers up and you’ve got an estimated demand for at least 68,000 purpose-built rental units, a far cry from the 3,273 purpose-built rental units set to complete this year and 10 times the 6,800 units in planning for the region. Ferreira said afterwards he believes 30,000 units are necessary in the next two years to meet oncoming demand.
See the full article :
https://www.vancourier.com/real-estate/metro-vancouver-needs-30-000-new-rental-units-in-next-two-years-analyst-1.23992519
https://www.burnabynow.com/metro-vancouver-needs-30-000-new-rental-units-in-next-two-years-analyst-1.23992519
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