The City of Vancouver is asking for feedback about purpose-built rental housing in the city.
According to the city, over half of Vancouver’s households currently rent their homes and the majority of new households in the city are choosing to rent instead of own.
“This strong demand for rental housing combined with the high cost of homeownership means that it is increasingly difficult for renters in Vancouver to find homes. As Vancouver’s economy and population continue to grow, it is expected that high demand for rental housing will continue,” says the city.
In order to meet the demand, the city is encouraging the development of more rental housing by offering incentives, which include the additional height and density for projects, waived development fees, and parking relaxations.
The city says the incentives have helped construct nearly 3,700 new purpose-built rental homes over the past 10 years. Another 5,000 units have been approved or are currently under construction.
The city is currently reviewing its rental incentive program and wants to hear from residents through an online survey. The feedback will be summarized in a new report that will be reviewed by council in Fall 2019.
- See also