Starting rents range from $1,646 to $3,702 at proposed affordable Vancouver housing
It’s one of those developments that the City of Vancouver refers to as “secured for-profit affordable rental housing”.
Like other previously approved proposals, the rezoning application for 1906-1918 West 4th Avenue was made under Rental 100.
Started by the previous Vision Vancouver-led city council, Rental 100 is a program that provides various incentives for the development of market rental housing.
“If approved, the application would contribute 32 for-profit affordable rental housing units towards achieving the City’s affordable housing goals as identified in the Housing Vancouver Strategy,” states a staff report to city council.
According to the report, the applicant, Harkerson B.C. Wholesale Lumber (1966) Ltd., has “estimated” the rental rates, which start at $1,646 for a studio unit per month.
A one bedroom will go for $1,903; two bedrooms, $2,756; and $3,702 for three bedrooms.
A table included in the report shows that the starting amounts are comparable to average rents for new buildings in the West Side.
In addition, the report noted that “compared to home ownership costs, the proposed rents in this application will provide an affordable alternative to homeownership, particularly for the larger units”.
The starting rents will apply on February 12 this year, the day city council conducts a public hearing on the rezoning application.
Next year, the developer can increase the rents per the maximum amount allowed under the B.C. Residential Tenancy Act.
For future occupants, the actual starting rents will be higher than the amounts identified in the staff report to council.
According to the staff report, a “final rent roll that sets out the initial monthly rents for all units will be required prior to issuance of the occupancy permit”.
“This application meets the requirement of the Rental 100 policy by proposing 100 per cent of the residential floor area as for-profit affordable rental housing,” according to the report. “The proposal would deliver 32 for-profit affordable rental housing units in the form of studio, one-bedroom, two-bedroom and three-bedroom units.”
In addition to other incentives like increased density, staff recommend waiving development cost levies for the residential part of the project of about $795,683.
Commercial spaces will occupy the ground level of the proposed five-storey building.
The Kitsilano project site at the southwest corner of West 4th Avenue and Cypress Street is currently home to a thrift store by the Salvation Army, and a single-family residence.
The building occupied by the thrift store used to be the CFUN Radio station.