Living Made Easy: 8 Reasons People Prefer Purpose-Built Apartments

In Ontario, the demand for housing, especially for rental units, is rising rapidly. The supply is struggling to keep up, making the rental market more unaffordable. Several factors contribute to this surge: homebuyers are being priced out of the market, baby boomers are downsizing into more accessible spaces and the population is growing due to immigration. To address this growing demand, purpose-built apartments are becoming a viable option. Keep reading this month’s blog to learn how these developments can help ease the province’s housing crisis.

The Current State of Canada’s Rental Market

Before we can discuss solutions for the rental market, we need to understand Canada’s current situation. According to the Canadian Mortgage Housing Corp. (CMHC) 2024 Rental Market Report, vacancy rates hit a record low of 1.5 percent, the lowest it’s been since CMHC began tracking rates in 1988. This makes finding rental housing highly competitive for tenants. Additionally, average rent growth has reached a record high at 8 percent, outpacing wage growth and making it less affordable for renters, especially those with lower incomes. These factors have significantly intensified affordability challenges for tenants. Moving forward, increasing supply and addressing housing affordability must be prioritized to ensure all Canadians have access to rental housing.

The Role of Purpose-Built Rental Apartments

What is a Purpose Built Rental?

Purpose-built rental apartments have become increasingly popular in the Greater Toronto Area (GTA) and the United States in recent years – and it’s easy to see why! These new apartments offer numerous benefits for both tenants and investors. Unlike other residential units, purpose-built apartments are specifically designed and constructed for rental purposes, rather than being converted from other types of buildings. They’re planned with tenants’ needs in mind, often featuring modern amenities, efficient layouts and convenient locations. These apartments may also include on-site management, maintenance services, communal areas and security measures. Typically located in urban areas, purpose-built rentals provide comfortable living spaces for individuals and families, ready for occupancy.

How Can Purpose-Built Rentals Help the Current Housing Crisis?

Purpose-built rentals play a vital role in addressing Canada’s housing crisis in several ways. By constructing new purpose-built apartments, developers like Elevate Living help balance the current gap between supply and demand, which stabilizes rental prices and increases the availability of housing. Unlike individual condo units that may be sold, purpose-built rentals provide long-term stability for tenants, reducing the risk of displacement. This is particularly important for families and individuals seeking secure housing options. These new purpose-built apartments also cater to a diverse range of residents, including young professionals, families, retirees and seniors. They offer various types of units to meet different needs, fostering a sense of diversity that contributes to balanced and inclusive communities.

Get to Know Our Purpose-Built Apartments in the Niagara Region

699 Niagara Apartments

Located at 699 Niagara St., in Welland, this purpose-built apartment is in a prime spot located near the bustling Seaway Mall, healthcare facilities, walking trails, the old Welland Canal, restaurants, entertainment, bus routes and schools. This brand-new six-storey building offers open-concept designs with studio, one and two bedroom apartments available at market rent. Here is a full-list of features offered at 699 Niagara:

• Open Concept designs
• Quartz countertops
• Natural light with plenty of windows
• Transportation options: opt in to use Kite Mobility’s Tesla Carshare, E-scooters, E-bikes
• SmartONE Technology: Enhanced building security features and technology to connect to local businesses, events and more all accessed through an app on your phone

699 Niagara is currently leasing, contact us to book a viewing. Your new lifestyle awaits!

695 Niagara Apartments

Located at 695 Niagara St., in Welland, this four-storey purpose-built apartment will soon be ready for you to move in. Known as 699’s “Little Sister,” it will be ready for occupancy this fall. The building features brand new construction with studio, one and two-bedroom apartments, all with open concept designs and offered at market rent. Here is a full-list of features that will be offered at 695 Niagara:

• Open concept designs
• Quartz countertops
• Natural light with plenty of windows
• Transportation options: opt in to use Kite Mobility’s Tesla Carshare, E-scooters, E-bikes
• SmartONE Technology: Enhanced building security features and technology to connect to local businesses, events and more all accessed through an app on your phone

Connect with us today for more information or to join the waitlist.

Studio Suites

Studio suites at 268 Oakdale Ave in St. Catharines offers everything you need and more! This net-zero ready building features thoughtfully designed studio apartments that optimize your living space and lifestyle with a smaller footprint. The three-storey, 28-unit building boasts efficient layouts with no wasted space, large bright windows for plenty of natural light and easy access to multimodal transit. Here is a full-list of its features:

• Well-thought out designs with no wasted space
• Big, bright windows inviting plenty of natural light
• Designer-appointed suites
• Washer/dryer in suite
• Full kitchen: fridge, stove, microwave and dishwasher
• Common amenity kitchen and lounge space for your social gatherings
• Multimodal transit
• SmartONE technology
• Quartz countertops
• Luxury vinyl flooring

Tenants are also offered the following add-ons:

• On-site storage
• On-site bike storage
• Parking

Book a viewing to experience all that 268 Oakdale Studio Suites has to offer.

8 Reasons People Prefer Purpose-Built Apartments

1. Unmatched Amenities and Features

Designed with tenants in mind, purpose-built rental apartments prioritize high-quality amenities and features. From fitness centres and communal spaces to rooftop gardens and pet-friendly areas, these new apartments offer a wide range of amenities to enhance the overall living experience. The main goal of purpose-built design is to ensure tenants enjoy a comfortable and fulfilling lifestyle with well-planned spaces and modern conveniences. At our purpose-built apartments in the Niagara region we provide premium amenities to ensure optimal convenience and comfort for all our tenants. From complimentary Bell Internet, Wi-Fi and Cable to in-suite laundry, everything you need is right at your fingertips.

2. Flexible and Attractive Lease Terms

Purpose-built apartments offer flexible lease terms to meet the demands of modern renters, providing long-term housing stability and protection of tenant rights. These properties can offer extended lease terms ranging from 12 to 24 months, compared to the more frequently seen 6 to 12 month leases for traditional rental units. Lease agreements for purpose-built apartments also usually include clauses regarding routine maintenance schedules, ensuring timely upkeep, and provisions protecting tenants’ rights such as rental control measures or restrictions on rent restrictions.

3. Enhanced Property Management

At a purpose-built apartment, a dedicated team is always ready to address tenant concerns promptly and maintain the property efficiently. Professional management staff handle all maintenance tasks, ensuring cleanliness in common areas and compliance with building regulations. This setup relieves tenants of responsibilities and provides peace of mind. In contrast, traditional rental properties often rely on independent contractors for maintenance work, which can lead to longer wait times and inconsistent quality. Purpose-built rental apartments also conduct regular preventative maintenance checks to identify and fix issues before they become major problems.

4. Heightened Safety and Security

Ensuring tenant comfort and security is a top priority for purpose-built rental priorities. Feeling secure at home is essential for a sense of well-being. Purpose-built apartments prioritize tenant safety with advanced designs and robust security measures such as video surveillance and keyless entry systems. These features meet stringent building codes and enhance overall safety. At Elevate Living, we exceed standard safety regulations by integrating SmartONE Technology at our purpose-built apartments throughout the Niagara region. Through this app, tenants can monitor visitors at their door, detect smoke and more, further enhancing their peace of mind.

5. Increased Sustainability and Energy Efficiency

Purpose-built rentals often incorporate eco-friendly design features and energy-saving technologies. These apartments use efficient appliances, lighting, insulation and water systems, helping to lower energy use and environmental harm. At Elevate Living, we integrate various green initiatives into our purpose-built apartments. For instance, at our 699 Niagara Apartments, tenants can join Kite Mobility’s Electric Rideshare Program. This eco-friendly transportation option offers 24/7 access to electric bikes, scooters and Teslas, making sustainable travel convenient and cost-effective.

6. Stronger Sense of Community

Purpose-built rental apartments foster community and social connections among tenants. Well-planned common areas, shared amenities and organized social events encourage interaction and help neighbours build relationships. This community spirit creates a supportive living environment, enhances well-being and reduces feelings of isolation. At our studio suites purpose-built rental in St. Catharines, we have included a common amenity kitchen and lounge space for tenant social gatherings, ensuring that our developments continue to promote a strong sense of community.

7. Convenient Location

Conveniently located in the heart of cities, purpose-built apartments offer easy access to everything tenants need. From public transportation and entertainment to shopping centres and employment hubs, you’ll find it all just steps away. This prime location ensures a connected lifestyle, saving tenants time and effort in their daily commute while providing access to essential services. Our 699 Niagara purpose-built apartment is located on Niagara Street in Welland, surrounded by shops, restaurants, medical centres and businesses, making it simple for tenants to find whatever they need right outside their door.

8. Professional Landlord-Tenant Relationships

Having a qualified landlord oversee a rental unit can make a difference. Tenants can feel confident knowing that any issues they have will be quickly resolved. They can also trust that the management team will follow all legal and regulatory standards. This expertise helps tenants and landlords build trust and a lasting connection, which enhances the overall rental experience.

Investors – Here’s Why You Should Consider Capitalizing on Purpose-Built Apartments

Units to Market Faster

The approval process for both condo and rental buildings takes about two years. However, purpose-built rental units can welcome tenants one to two years sooner because they skip the sales process. Developers of condos often face pressure to sell 80 percent of units to meet financing targets, but the sales process alone can take up to 12 months. Purpose-built rental apartments eliminate this by pre-renting units, meaning the building can be fully occupied as soon as construction is complete.

Long-Term Return on Investment

Purpose-built rentals apartments offer a better long-term return on investment compared to condo sales. While condos may sell quickly, purpose-built apartments provide long-term value and contribute to diverse, affordable housing across the city. Investing in these purpose-built apartments over time supports the economic, environmental and social growth in urban areas by adding housing in a dense and sustainable manner. Investors can allocate their RRSPs, RRIFs, RESPs, RDSPs, DPSPs or TFSAs in Elevate Living’s Real Estate Investment Trust (REIT) for attractive returns with no hidden fees, and you can receive payments before we do. Additionally, your investment helps meet Ontario’s critical housing needs.

Find the Value in Purpose-Built Apartments With Elevate Living

Purpose-built apartments offer significant benefits in addressing the current housing crisis. These developments increase housing supply, provide long-term stability and meet the diverse needs of residents. To find out more about our purpose-built apartments in the Niagara Region, feel free to contact us or schedule a viewing. If you’re interested in joining us in building purpose-built apartments and earning a great return, get in touch with us today to arrange an in-person meeting.