Real Rental Affordability in Vancouver is Possible

Since the City of Vancouver updated its rental rate guidelines within its Rental 100 development program in February, there’s been much media and public attention around this topic, and for good reason. The deemed monthly “affordable” average rental rate for a two-bedroom unit in East Vancouver is $2,505. Something that certainly did not ring as affordable for many Vancouverites.

Despite many development projects in Metro Vancouver seeming more and more unaffordable, one new development is bucking this trend: Fraser Flats in South Vancouver. Comprised of 269 wood frame homes spread across two six storey buildings, Fraser Flats has over 30 two-bedroom homes starting under $2,200. The two-bedroom homes average over 900 square feet in size and include amenities rarely seen for rentals in the city of Vancouver such as a 6,000-square-feet clubhouse with a fitness centre and an entertainment lounge, a dog wash, bike repair stations, expansive indoor/outdoor lounge, and garden plots.

“At Wesgroup, we wanted to offer renters the same type of amenities we offer to buyers in the condo market. We are seeing a strong demand for high quality rental housing throughout Metro Vancouver, and we want to ensure that all of our projects, whether rental or condo, are providing well designed and built homes that include space for social engagement for residents. Building projects that foster a sense of community amongst residents is very important to us” says Fabian Leitner, Director of Development at Wesgroup.

In a Vancouver market with only 0.90% rental availability, most renters are resigned to take whatever becomes available that’s within their budget. That can often mean older suites, without in suite washer/dryers and dishwashers.

“My boyfriend and I have been looking to move into a 2 bedroom apartment for over a year now. Anything that is available for rent is either too expensive, too small, doesn’t allow pets, doesn’t have a balcony, doesn’t have parking, etc. When we heard about Fraser Flats at River District, we were ecstatic! It had everything we wanted and more for a very affordable price. We can’t wait to move in!” says new renter Aynsley.

Fraser Flats is also pet friendly and offers nearby dog walking trails at Everett Crowley Park and along the Fraser River which has a 1.5km waterfront trail. “We’ve had a lot of interest from pet owners who say it’s so hard to find rentals that allow pets, so we put in a pet wash as part of our amenity package in addition to allowing them in our complex.” says Fabian Leitner

Since Fraser Flats is located within the growing community of River District, residents of this new rental building will also be within walking distance to the Town Centre which includes an Everything Wine, banks, a Starbucks, plus a Save-On-Foods store and new restaurant opening soon.

“We started our application process a month ago and are already over 75% rented in the first phase. It’s exciting to see that the home plans, finishes, amenities, and overall development is really resonating with future residents says Fabian Leitner, “and we have the second phase of our community coming this fall, which will offer more of the same great homes”.

Fraser Flats Rental Centre is located at 3302 North Arm Avenue, Vancouver and open daily from 12pm – 5pm.