Vancouver incentive program generating major increase in rental housing stock
Vancouver’s Short Term Incentive for Rental program is continuing to generate hundreds of new market rental units, with 2,675 units completed, under construction, approved or in the approval process at the end of 2012. (STIR has now been replaced with the Rental 100 policy, but applications filed under the STIR program are still moving through the approval process.)
A rezoning proposal for 41 rental units at Slocan and Vanness, coming to council next week, includes an update on the city’s rental programs, which were launched in 2008. The 2,675 units approved, built or in progress put the city 1,175 units ahead of the target for 2014.
Given that the average income of a renter is $34,000 and that of a home owner is $66,000, the market rental units make a major contribution to more affordable housing. A one-bedroom in the Slocan project (a four-storey building) would be about $1,020.
A second rental proposal headed to council next week would add 133 new market rental units at the Beach Towers site in the West End.