Young tenants fed up with the half-century old, amenity-challenged apartments that make up 85% of Vancouver’s rental universe are expected to help Aquilini Development and Construction fill the first new rental apartment towers built in Vancouver in decades.
When the gleaming new Aquilini Centre tower opens beside Rogers Arena in June, it will offer condo-quality rental apartments, said senior vice-president Kevin Hoffman.
The tower, the city’s largest rental housing project in 40 years, offers suites and amenities that are light years from the old wood frame apartments that dominate Vancouver’s 106,000 rentals.
Each Aquilini Centre suite features granite countertops, 9.5-foot high ceilings and a full appliance package including Bosch large-capacity washer and dryer, GE refrigerator, dishwasher and microwave. The tower also boasts a modern fitness facility, secure bike storage, underground parking, a games lounge and even a rooftop terrace with barbecue.
So far, rentals have been slow for the 197-unit tower, the first of three rental towers Aquilini plans to build around the arena, but Hoffman is confident the towers will fill with millennials as marketing ramps up.
Rents start at $1,550 for one-bedroom suites of around 450 square feet, $1,625 for one-bedroom and den, and $2,450 for two-bedrooms and den units, These are higher rents than the Vancouver average for apartment buildings, but in line with condominium rentals.
Incentives from the City of Vancouver made the rental towers possible, Hoffman said. “We couldn’t have made it work without the incentives.”
Hoffman did not provide specifics on the city’s help. Under the city’s rental incentive programs, negotiations can involve concessions on community amenity contributions, development cost levies, parking and density.
Vancouver’s rules against the demolition of older apartment buildings is also a factor, since there is little pressure on landlords to spend money on upgrading old rentals in a city with a near-zero vacancy rate.
“Notwithstanding the state of the building or the state of repair, we still get top market rent,” Hanni Lammam, executive vice-president of landlord Cressey Development Corp., told a rental panel at the recent Vancouver Real Estate Forum.
