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The rental landscape in Canada is undergoing a significant transformation, and it’s not just the younger generations driving this change. A notable shift is happening among older Canadians, particularly Gen Xers and Boomers, who are becoming a substantial portion of the rental market. Could Edmonton, Alberta, be poised to follow this national trend?
According to recent census data released by Statistics Canada, a surprising number of Canadians aged 55 and over are choosing to rent. In cities like Vancouver and Toronto, 30% of individuals over 55 are renters. This data, analyzed by Andy Yan, Director of Simon Fraser University’s City Program, reveals a shift in the traditional narrative that older adults are primarily homeowners.
“People over the age of 55 are also the fastest growing population in homelessness,” says Yan. This trend highlights the complexities and challenges within the Canadian rental market. Nationwide, one in five individuals over 55 are renters. The figures are even higher in cities like Victoria (40%) and Montreal (47%).
Several factors contribute to this trend. According to a Royal LePage report, older adults who rent often do so because of housing costs and the desire to avoid property maintenance. Phil Soper, President and CEO of Royal LePage, categorizes older renters into four groups: those seeking convenience and flexibility, those freeing up capital for investment, those needing liquid assets for living expenses, and those requiring managed care due to infirmity.
Soper also notes that as the oldest Boomers reach 78, more are transitioning to rental living. This shift is expected to grow as Boomers live and work longer, delaying the need to sell their homes for financial reasons.
Developers are responding to this trend by creating high-end, purpose-built rental properties. Geoff Heu, Vice-President of Development at GWL Realty Advisors, notes that luxury rentals with extensive amenities are particularly appealing to mature renters. These properties offer long-term security and flexibility, attracting those who can afford higher rents but prefer the convenience of renting.
For instance, GWL’s Bowline apartments in North Vancouver feature modern units with balconies, rooftop terraces, and high-end amenities like gyms and clubhouses. Similarly, Cressey Development Group’s Century project in North Vancouver targets downsizers with luxury amenities and community-focused spaces.
As these trends take hold in cities across Canada, the question arises: Will Edmonton see a similar shift in its rental market? The current rental statistics in Edmonton show that only 21% of individuals over 55 are renters, a figure lower than the national average. However, the growing trend among older Canadians to opt for rental living could influence Edmonton’s market dynamics.
Developers and property managers in Edmonton might consider catering to this demographic by offering high-quality, amenity-rich rental properties that appeal to older adults. As the demand for such properties increases, Edmonton could see a rise in purpose-built rentals designed to meet the needs of mature renters.
As the rental market evolves, developers need a partner who understands these emerging trends and can deliver exceptional results. Iconic Projects is that partner. Our team combines extensive market knowledge with innovative marketing strategies to ensure your development stands out and attracts the right tenants.
Iconic Projects excels in crafting tailored marketing and lease-up strategies that maximize occupancy rates and tenant satisfaction. We leverage cutting-edge technology and data analytics to target the right demographics, including the growing segment of older renters. Our comprehensive approach includes professional-grade pre-leasing strategy consultation, customer service, lease processing, web design, graphic design, and establishing a strong social media presence.
Our successful execution of marketing plans for various developments, such as Hampton Gardens, showcases our ability to exceed client expectations. The Iconic leasing team seamlessly combines the strengths of each team member to deliver highly successful strategies tailored to each project. This track record of success is a testament to our commitment to excellence and our ability to adapt to market trends.
From initial consultation to full-scale marketing campaigns, Iconic Projects offers a complete suite of services to support developers. Our expertise extends to creating high-end rental properties that appeal to mature renters, ensuring your development attracts and retains the right tenants. We focus on building a community and culture within your property, enhancing tenant engagement and satisfaction.
The landscape of the Canadian rental market is changing, with older adults playing a significant role in this transformation. Edmonton has the potential to embrace this trend, offering opportunities for developers and property managers to cater to an emerging market segment. As we observe these shifts, it will be interesting to see how Edmonton adapts and whether it follows the national trend of retirees taking a larger share of the rental market.
Developers looking to capitalize on these trends and achieve success in the evolving rental market should partner with Iconic Projects. Our expertise, innovative strategies, and commitment to excellence make us the ideal choice to navigate this dynamic landscape. Contact us today to learn how we can help your development thrive.
