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When designing and constructing a purpose-built rental project, the decisions made regarding finishes can have lasting impacts on tenant desirability, satisfaction, and long-term cost savings. While it’s tempting to follow the latest design trends, opting for timeless finishes can ensure your property remains attractive and functional for years to come.
Timeless finishes, such as subway tiles, vinyl plank flooring, and natural materials, have proven their worth in the world of interior design. These elements are not just visually appealing; they are also practical, durable, and versatile. Here’s why you should consider them for your next rental project:
While timeless finishes are a safe and smart choice, there may be instances where a current trend captures your attention. The key is to balance timelessness with trendy elements in a way that doesn’t compromise the longevity of your project.
Natural materials never go out of style. Wood, stone, and other organic elements bring warmth and authenticity to a space, making them ideal for countertops, flooring, and even stairs. When choosing these materials, opt for timeless species and finishes. For example, clear wood species like alder or maple with medium stains can retain their timeless look for decades, ensuring your project remains stylish and relevant.
It’s easy to get carried away with ornate or stylistic updates, but these can often become costly and may not yield the desired return on investment. Instead, focus on simplicity and functionality. Simple, elegant design choices tend to appeal to a broader audience and are less likely to go out of style. This approach not only saves money but also ensures that your property remains desirable to tenants regardless of changing trends.
The best approach often lies in balancing timeless and trendy elements. Choose durable, classic materials for the foundational aspects of your design—like flooring, cabinets, and countertops—and then introduce trendier pieces through accessories or smaller design details. This way, you can enjoy the best of both worlds: a space that feels current but remains timeless.
By carefully selecting finishes that combine enduring appeal with practical functionality, you can create rental properties that not only attract and retain tenants but also offer long-term value and satisfaction. Remember, while trends come and go, timeless design stands the test of time.
Choosing finishes for your purpose-built rental project is an investment in the future. By prioritizing timeless materials and carefully incorporating trends, you can create spaces that are both beautiful and built to last.
The Canadian rental market is facing significant changes, driven by record-high rents, increased
construction, and evolving tenant demands. Developers, multi-family owners, and real estate
professionals need to understand these dynamics to thrive. At Iconic Projects, we provide the
expertise to enhance your leasing strategies in this complex environment.
Project Sales and Leasing Services: Custom-made solutions for developers demanding
exceptional outcomes. We ensure rapid and effective sale or lease-ups for new and
underperforming properties.
Preparation Consulting: From sales forecasting to competitor analysis, our data-driven
strategies optimize profits. We handle everything from office setup to marketing.
Process and Systems: Optimized lead management, comprehensive reporting, and AI-friendly
technology streamline workflows and boost efficiency.
Promotion and Marketing: Comprehensive marketing services, including staging, social
media, and event planning, drive engagement and traffic.
On-Site Agents: Specialized, high-volume sales teams drive impressive conversion rates.
Reporting and Analysis: Real-time insights and customized metrics guide decisions, manage
risks, and optimize results.
Iconic Projects delivers excellence and innovation, making us the ideal partner for developers
and real estate professionals.
The Canadian rental market presents both challenges and opportunities. With Iconic Projects by
your side, you can leverage our expertise to stay ahead of trends, meet tenant expectations,
and achieve your real estate goals. Contact us today to learn more about how we can support
your journey in the dynamic world of real estate.
For more detailed insights, visit our website Iconic Projects and discover how we can help you
achieve success in the rental market.
Stay connected with us for more updates and insights on the Canadian rental market. Follow
our blog and join us on social media to keep informed about the latest trends and strategies.
Parking is a powerful yet often hidden force shaping our communities. The availability and cost of parking can significantly influence the design of our neighborhoods, our modes of transportation, and even our quality of life. As Edmonton continues to evolve, the issues surrounding parking and cars in Purpose Built Rentals (PBRs) are becoming increasingly complex and thought-provoking.
Edmonton has long been known as a "driving city," where the car is king and extensive parking facilities are considered essential. However, this model of thinking may be outdated as the world—and Edmonton—undergoes significant changes. Many new purpose-built rental buildings in Edmonton now have fewer parking spaces than the total number of units, with developers charging between $150.00 to $350.00 for a single parking stall. This trend is driven by a combination of factors, including rising construction costs, limited urban space, and a shift towards more sustainable living practices. At the same time, inflation is causing costs to rise across the board, prompting tenants to reassess the necessity of owning a car.
Edmonton's City Council has taken a significant step by implementing the Open Option Parking policy, effective July 2, 2020. This policy removes minimum on-site parking requirements from the city's Zoning Bylaw, allowing developers, homeowners, and businesses to decide how much parking to provide based on their specific needs. This flexible approach aims to ensure that the right amount of parking is available, tailored to the unique demands of each property.
For apartment tenants, the high cost of parking and the flexible parking regulations present a dilemma: should they hold onto their cars, or is it time to consider alternative transportation options? The rising expenses associated with car ownership—fuel, maintenance, insurance, and now parking—make this a critical question.
Reducing or eliminating minimum parking requirements can lead to significant cost savings for developers. According to the report "Impact of Parking Requirements on Housing Affordability," lowering minimum parking requirements by 40% can reduce hard construction costs by up to 9%. These savings stem from various factors, including the reduced need for expensive underground parking structures, which can cost between $115 to $265 per square foot compared to $5 to $27 per square foot for surface parking.
Underground parking requires extensive excavation, often leading to higher construction costs due to the need for deep foundations and retaining walls to prevent soil and water intrusion. By reducing the need for underground parking, developers can avoid these additional expenses, thereby lowering the overall construction costs of a project.
Underground parking structures are not only expensive to build but also costly to maintain. They are susceptible to flooding, soil settlement issues, and concrete deterioration, all of which require ongoing maintenance and repairs. The study estimates the annual maintenance cost for underground parking at $575 per space. Reducing the number of underground parking spaces can thus lead to significant long-term savings in maintenance and rehabilitation costs.
The reduction in construction and maintenance costs can translate into lower rents or purchase prices for end-users. This is particularly important in a city like Edmonton, where housing affordability is a pressing issue. By lowering the overall cost of development, savings can be passed on to tenants and buyers, making housing more affordable for a larger segment of the population.
The belief that Edmonton is a "driving city" is being challenged by new realities. As the city continues to develop and embrace new transportation solutions, residents may find that owning a car becomes less necessary. Enhanced public transportation, bike-friendly infrastructure, and the growing availability of ride-sharing services can all reduce the reliance on personal vehicles.
One forward-thinking solution to the parking conundrum is the implementation of a dedicated use, in-house car sharing services. Developers could partner with car-sharing companies to provide residents with convenient access to vehicles without the burden of ownership. Imagine the convenience of having a car available within your building for occasional needs—an ideal solution for those who drive infrequently but still require access to a vehicle. A forward thinking amenity that is funded by the tenants themselves.
Cost Savings: Residents save money by avoiding the high costs of owning and maintaining a car.
Convenience: Vehicles are readily available within the building, eliminating the need for long-term parking or sourcing around the city.
Environmental Impact: Fewer cars on the road lead to reduced emissions and a smaller carbon footprint.
As Edmonton navigates the evolving landscape of urban development and transportation, the issues surrounding parking and cars in PBRs will continue to be a topic of great importance. For tenants, developers, and policymakers alike, finding innovative solutions to these challenges will be key to creating a more vibrant, sustainable, and livable city. By embracing flexible parking policies, promoting alternative transportation options, and considering in-house car-sharing programs, Edmonton can lead the way in reimagining the role of cars in our urban future.
Developers seeking to capitalize on these emerging trends and maximize the potential of their PBRs should consider partnering with Iconic Projects. With a proven track record in marketing and leasing purpose-built rentals, Iconic Projects offers comprehensive strategies that not only address current market demands but also anticipate future needs.
By collaborating with Iconic Projects, developers can leverage our deep understanding of the Edmonton real estate market and innovative marketing techniques. Together, we can create thriving communities that meet the needs of modern renters while ensuring long-term profitability and success.
For more information on how Iconic Projects can help you achieve your development goals, visit our website or contact us directly to discuss your project. Let’s build the future of Purpose Built Rentals in Edmonton, together.
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.
In an ecosystem as dynamic and ambitious as the real estate world, conversation often centers around the grand and the recondite—the economics dictating the movement of the industry, the rise and fall of markets, and the complexities of multi-faceted development. Yet, there exists an almost paradoxical simplicity at the core of what drives these high-stakes transactions and towering infrastructure marvels—listening to the tenant.
Our recent discourse at the Edmonton Real Estate Forum was laden with compelling insights from industry leaders. They dissected the multifamily landscape's opportunities, navigating towards profitability amidst challenges of costs and competition. The exodus to Edmonton, facilitated by an environment ripe for growth, painted a compelling picture, one that is too deeply rooted in the financial and not focused enough on the fundamental aspect of real estate—people living and thriving in a space. It's time to recalibrate the discussion to focus on the true keystone of sustainable multi-family wealth: the tenant experience.
Developers, investors, and real estate moguls have a profound ability to sculpt the skylines of our cities and seismically shift their socioeconomic terrain. However, when the needs, wants, and well-being of occupants are an afterthought, profit is often short-lived. The lack of a tenant-focused strategy could lead to high turnover and vacancy rates, not to mention the risk of tarnished reputation due to poor word of mouth.
Operational Insights Hidden in Comfort Levels
A deeper look into operational expenses reveals a tightly-knit relationship between tenant satisfaction and business economics. A comfortable tenant is a content tenant, less likely to cause undue wear and tear, and more apt to foster a sense of community that reduces the burden on security and maintenance costs. Yet, much of the discourse around amenities and building costs neglects to acknowledge these intangible gains.
The Ripple Effect of Discontent
When tenants feel unheard or unsatisfied, they can achieve unparalleled reach. Today's digital world houses a vocal population eager to share experiences—parting ways with a displeased tenant can lead to online reviews that ripple across potential resident considerations for years to come.
This sterling case study serves as a testament to the rewarding outcomes of intensive tenant engagement. Parkmerced's ambitious transformation project included sustainable planning, community-centric amenities, and – the highlight – involvement of the diverse tenants in decision-making. The result? Lower vacancy rates and a sustainable reputation in one of the nation's most competitive markets.
By turning the tenant experience on its head and focusing on communal living and member input, The Collective in London boasts strong satisfaction levels and remarkably low turnover. The rationale driving this success is simple yet profound, creating a sense of belonging and ownership in the tenants' eyes.
Advancements in technology and the Internet of Things (IoT) present an unprecedented opportunity to redefine tenant experience in multi-family developments. From smart homes to AI-driven customer service platforms, the potential for improving lives and operational efficiencies is staggering.
Elevating Convenience with Technology
Utilizing technology not only enhances convenience but also provides developers and property managers with data-driven insights to customize and optimize the tenant experience. Smart systems can efficiently adjust energy usage based on real-time demand while personalized apps facilitate seamless communication and issue resolutions.
Fostering a Sense of Community
In an era where online interactions often take precedence, technology can paradoxically strengthen physical community bonds. From shared social platforms to virtual and in-person events, digital innovations can create an ecosystem that promotes interactions and connection among tenants.
Enhancing Service by Streamlining Operations
Employing technology to lighten the clerical workload of operational staff presents an opportunity to prioritize prospective and current tenants. Leveraging automation and AI can significantly ease the burden on staff members, allowing them to dedicate more time to enriching the tenant experience and fostering a stronger community spirit.
Realizing the centrality of the tenant in the multi-family sphere is just the first step. How does one integrate this philosophy into the complex realm of business decisions and bottom lines? Here are actionable recommendations for those wishing to pivot towards a more tenant-centered approach.
Invest in Robust Feedback Mechanisms
Create and maintain channels that elicit consistent and honest feedback from tenants. Regular surveys, suggestion boxes, and digital engagement platforms can provide the data needed to make informed operational and development decisions.
Prioritize Transparency and Communication
Keep tenants informed about upcoming changes, address their needs and concerns, and be transparent about the property's maintenance and development. This approach not only garners trust but also cultivates a sense of belonging and partnership in the community's growth.
Engage in Partnership with Tenants
Actively include tenants in strategic and amenity decisions. Whether through advisory councils or participatory planning sessions, tenants' perspectives can deliver fresh insights into what truly enhances their living experience.
Balance Need with Desire in Development
While it's important to offer competitive amenities, balance is key. Not all high-cost features may be as desired as anticipated. By holding focus groups or running market demand assessments, developers can ensure that their investments yield the greatest satisfaction.
The edifice of urban habitation is more than just a concrete and steel, it is ultimately a human experience. And in this, the tenant's voice should sing the loudest. By anchoring property development and management in the needs, desires, and experiences of the individuals who occupy the spaces, we can build not just structures, but communities and legacies that thrive.
Our task, as leaders, is to listen, to adapt, and to prosper in conjunction with those we ultimately seek to serve - the tenant. In doing so, we don't just secure a sustainable future for our multi-family assets—we cultivate an environment where both tenants and business can flourish together.
