CLV Group’s Stoney Creek Towers Among Ontario Properties Impacted by Changing Rental Demographics
With housing prices rising rapidly in many Canadian cities, and the new, stringent mortgage rules instituted at the beginning of 2018 reducing buying power for first-time homeowners; it’s no wonder that the rental market continues to burgeon cities across the country.
Today, the dream of home ownership for Millennials is clashing with the realities of high housing costs, sluggish real-income growth, and more precarious employment.
A report prepared by Diana Petramala and Frank Clayton of Ryerson University indicates that as a result of these issues, younger individuals are flooding to denser, central locations where they can rent spaces closer to their places of work while being surrounded by the amenities they need and enjoy.
It’s not just millennials – much of the aging baby boomer population is also turning to rental communities where they can independently enjoy a low-maintenance lifestyle among other boomers.
Those who choose to rent as opposed to buying property, whether for economic or personal reasons, still want a sense of permanency and community within their neighbourhood. Long term neighbours with whom they can built relationships, safe and inviting surroundings, local amenities, and places to enjoy regular and seasonal activities.
Previously, rentals were widely regarded as a temporary solution until homeownership. However, with the shifting demographics among Millennials starting their lives and Baby Boomers looking to downsize, rental communities are becoming a more diverse and permanent option than ever before.
Landlords and property management companies, such as CLV Group and InterRent REIT, recognize this growing need and community-focused rental properties are emerging more regularly than ever before.
CLV Group and InterRent manage more than 10,000 residential units across 3 core markets in Ontario and Quebec. These range from small walk-up and heritage-style buildings in downtown locations, family-friendly options such as Forest Ridge in Ottawa, luxury urban condo-style rentals such as LIV apartments, and community high-rise buildings such as Stoney Creek Towers in Hamilton, Ontario.
The increased demand for rental properties that offer a community feel is driving companies like CLV Group and InterRent to create these kinds of communities by implementing amenity-rich properties that afford residents the opportunity to come together. Green spaces, common areas, media centres, fitness centres, and resident events are just some of the ways they do this.
CLV Group also focuses on community involvement in the core markets they operate by working with various local and national charities such as the Boys and Girls Club, Habitat for Humanity, Dragon Boat and more. The goal is to help build a stronger community by supporting initiatives that directly impact the people that live there.
Permanent rental communities are a trend likely to continue growing among markets previously dominated by homeownership. Renting is a low-commitment option that is more practical for many people, whether it’s cost-effective or simply less work.
Companies like CLV Group and InterRent will continue working to meet this need and create communities residents can truly see themselves enjoying long-term.