This means that in real terms rents are rising by in excess of 8% at the moment. This cannot continue we hear you cry! Unfortunately, at this moment in time the UK property sector, and especially the buy to let and private rental markets, are stuck in a very difficult situation. The supply of rental properties remains relatively flat across the UK but demand continues to rise in many areas of the country.
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Council approves new affordable rental housing in Southeast Vancouver
In addition, the Community Amenity Contributions from a third Council-approved project at 755-795 West 41st Avenue will invest $2.04 million in the Affordable Housing Fund and direct $1.79 million in new funding to child care spaces in the Cambie corridor. With over half of all Vancouver residents renting their homes and vacancy rates remaining near all-time lows, our city has a pressing need for more affordable rental housing especially for seniors, students, and young families, said Mayor Gregor Robertson. These new projects build on the Citys strong support for renters and help make Vancouver more affordable and livable for residents of all backgrounds. The 60 new rental units follow a record year in 2012 for new Vancouver rental housing, with 1,021 units being approved in 2012 after zero in 2008 and 2009. These projects target rents of $1250 and $1275 for a one bedroom apartment are considerably more affordable than average rents for similar new apartments in Vancouver ($1,517). The City is already on track to surpass the Housing and Homelessness Strategys 2014 goal for new secured market rental units by over 1,803 units. The approval of these projects continues City Halls consistent work to make housing more affordable in Vancouver and to support renters and residents in need.
For the original version including any supplementary images or video, visit http://www.vancouverobserver.com/city/council-approves-new-affordable-rental-housing-southeast-vancouver