Attractive new builds offer flexible lifestyles and central locations without the commitments of homeownership.
BY NESSA PULLMAN | PHOTOS BY JAMES JONES
For decades, owning a home has been a goal for most young adults, who’ve worked hard to save enough money for a down payment on a house that would eventually become capital. But times are different now. Lifestyles and priorities have changed and people are looking at other ways to use their money, whether that’s investing in market stocks, opening a business or even spending it on travel.
And with this change comes a new need for more diverse housing options.
“We are shifting the way we look at renting,” says Melanie Ransome, director of marketing and communications at Aryze Developments. “It is no longer the only option, but rather an empowered choice.”
Simplified Living
There are many benefits to renting that appeal to all types of people: the freedom and flexibility of a transient lifestyle; the simplicity of less upkeep and fewer unexpected bills; and, finally, centralized living. More and more urban planners are designing 15-minute cities, where everything you need, from grocery stores to banks, is right outside your front door. Purpose-built rentals are being built with these locations in mind, appealing to people seeking a simpler life.
It’s been a long time since Victoria has invested this heavily in rentals. Back in the 1970s, there was a push for more rental buildings here (which explains the many identical, boxy, four-level buildings you can see scattered around the city). But those buildings are old now, and most have poor insulation and air quality. Limited options for housing diversity have caused a negative effect on the natural housing continuum that is vital for keeping a city healthy and sustainable.
“The Victoria vacancy rates have been unmet for a very long time,” says Ransome. “With limited housing options, people ready to move on to the next stage of life haven’t been able to.”
In response to this challenge, the team at Aryze has been developing a series of thoughtfully purpose-built rental buildings throughout Victoria.
Their latest project, Centro, a 56-unit building located in bustling Quadra Village, was designed with renter comfort top of mind. “We wanted to challenge the status quo of what people think of rentals and the rental experience,” says Ransome. Centro was built with intention, with the knowledge that rental buildings should support the lifestyle and needs of its occupants. Being tailored to the user experience, some of Centro’s amenities include secure bike storage, a Modo car-share membership and a dog-washing station.
Centralized Living
Supporting the rental market also means providing affordable housing options for those struggling to meet market demands. Aryze worked with the Victoria Housing Reserve Fund to secure six units in the building that would be designated for eligible medium-income participants like Amy Crha.
Crha, a single mother with an 11-year-old daughter, had been struggling to secure any decent long-term housing in the city. After applying for the program, Crha and her daughter are now living in one of the units in Centro, which is located near both her daughter’s school and her work. “For the first time in years, my daughter has her own bedroom,” says Crha, “It’s like a weight has been lifted off my shoulders knowing we are secure here.”
“We wanted to challenge the status quo of what people think of rentals and the rental experience.”
A few floors up from Crha’s unit is the one her sister, Angela Hearn, decided to rent after selling her single-family home. “With our kids growing up and leaving the nest, my husband and I wanted to live in a smaller space where we could have more time for the things we love without all the housework,” Hearn says. She and her husband were also drawn to the central location, with shops at their front door and family nearby. “We just have to walk out the door and there is everything you need.”
Sarah Henderson, director of sales and leasing at Aryze Developments, has seen the shift in the rental clientele over recent years. “These days, people are taking their time to explore the different neighbourhoods, the buildings, and making it a really intentional move,” she says.
With this change in clientele comes a more elevated approach to the rental experience — from the application phase to the walk-throughs. “The truth is, it should have always been this way,” says Henderson. “Renters should be given the same treatment as if they were buying a home.”
If you’re exploring alternatives to homeownership, check out “Unlocking the Door – Exploring Novel Ways to Home Ownership” for fresh ideas on non-traditional paths to owning a home.
Additionally, for tips on maximizing small spaces, “Small Space, Big Style” offers expert advice on creating functional, stylish living environments. Whether renting or buying, there are new ways to live that fit your lifestyle.
