A City Hall staff report and recommendations are going to City Council next week suggesting updates to maximum rents permitted for developers to get incentives for building apartments units under the Rental 100 program (successor to Short Term Incentives for Rental – STIR). Council Report here:
Metro News Vancouver has covered the story.
Is $1,366 affordable for a studio? Vancouver’s new max rents for developer perks (by Emily Jackson, Metro News Vancouver, 21-May-2015)
… It’s a refresh of the December 2013 bylaws stating if developers keep rents below a certain level for an entire building of so-called “for profit affordable rental housing,” the city will waive the development cost levies that help pay for facilities and services such as parks, childcare and social housing.
Under the proposed regime, which council will vote on next week, maximum rents would vary between east and west side apartments and rates for three-bedroom apartments would be included for the first time.
… Max rents would be $1,366 for a studio west of Ontario Street and $1,242 for an east side studio. … Max rents for one-bedroom units would increase to $1,561 in the east and $1,717 in the west from the 2013 rate of $1,517. Two-bedroom max rents would drop to $1,972 in the east and rise to $2,169 in the west from $2,061 in 2013. Three-bedroom max rents would be $2,338 in the east and $2,572 in the west.
Developers will be able to get the full development cost levy waived if all units in a building meet the rental rates, and a partial waiver if all units except the three bedrooms meet the standard. Such waivers are only available for buildings that promise rental units for whatever is longer – 60 years or the life of the building.
Max rents are subject to annual rent increases outlined by the Residential Tenancy Act.