Don’t pay till 2025: Okanagan developers entice renters with freebies
While many people across the Okanagan struggle to find affordable housing those able — or willing — to splash out on rent will find multiple special offers trying to entice them to sign a lease.
From a few months of free rent to damage deposits a quarter of what they could be, purpose build rental buildings are throwing freebies in for those who can afford it.
The best deal iNFOnews.ca came across was the Kelowna's Ledge on Lakeshore, mere steps from the beach and currently offering new tenants three months of free rent.
The development at 3795 Lakeshore Road has a promotion to pay no rent until January 2025 for those prepared to pay between $2,650 and $2,800 a month for a two-bed, two-and-a-half bath, two-story townhouse. The $2,650 and $2,800 are also promotional rates – there’s a lot of construction currently taking place – with prices advertised to be around the $4,000 a-month mark once the special offer expires.
With the median annual household income in Kelowna at $80,000, the price will be too steep for many. To keep rent as one-third of income a household renters need to be making $160,000.
South of Kelowna on the outskirts of Vernon, The District at Predator Ridge offers two months free rent for a three-bed, three-bath “executive” townhome. Tenants need only to sign a one-year lease and be prepared to pay $4,500 a month on rent. Using the one-third rule, a household needs to be making $180,000 a year to afford this.
While tenants typically pay half a month's rent as a damage deposit, the Proxima Kelowna Apartments on Richter Street is advertising security deposits of $250 for a $2,100 one-bedroom condo, a quarter of what they could legally ask for. A household needs to make $84,000 to keep this in line with the one-third rule.
The Glenmore Central on Valley Road is offering a similar deal with damage deposits at $499, on condos that rent between $2,000 and $2,800.
Mission Flats Apartments on K.L.O. Road has a different promotion offering students six months of free parking and one month of free rent. It also has an offer to get a $500 UBC Okanagan bookstore gift card and a $250 bus ticket. A one-bedroom unit goes for $1,945, while a three-bedroom, one bath apartment is $3,000 a month.
A person living in a one-bedroom would have to make $77,800 to afford it – an amount not typical with student incomes.
Located behind the Orchard Park Shopping Centre, the newly built Arborwood features 192 pet-friendly units of one, two and three bedrooms, and is offering a month's free rent.
The company behind the purpose-built rental project is WestUrban Developments. Its director of marketing Kirsten Rudyk said giving away one month's free rent and other perks has been commonplace at other projects.
"Offering the first month of rent free is our way of welcoming residents to The Arborwood," Rudyk said in an email. "This promotion is a celebration of our grand opening and a gesture of appreciation to our very first tenants who are helping to shape the character and energy of these two buildings."
It's unclear why so many purpose-built rental buildings are having to swoon tenants to come and live in them, and multiple calls to various buildings and property managers weren't returned. But looking at the median income and the price of rent may be a good place to start.
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