Before the walls had been constructed, and a roof installed overhead, renters were eagerly signing leases at Lexington Court Apartments.
As the Township鈥檚 first purpose-built rental building, demand was high, resulting in all 105 apartments being pre-leased prior to the September opening.
鈥淲e started advertising on our website and (with) signage well over a year in advance, and we started taking applications and inquiries from individuals that lived in the area and other parts of the Fraser Valley,鈥� explained Jason Fawcett, vice president of the , the company that owns Lexington Court.
鈥淎nd often, many of them owned homes and knew they wanted to sell and downsize. Instead of buying a condominium, they thought this was a great opportunity to rent. Of course, we were their only choice if they wanted to stay in Murrayville.鈥�
The official grand opening for the four-storey apartment building, located at , was held on Dec. 13, and if the comments from dignitaries are any indication, this is only the first of many rental buildings to come.
鈥淲e need to see more communities thinking about how they encourage purpose-built rentals 鈥� there鈥檚 certainly not enough of them,鈥� said 黑马磁力 MLA Mary Polak.
鈥�... It鈥檚 depressing sometimes to look at how some communities just don鈥檛 want to embrace what is such a need for people in their everyday lives. That piece of affordability for your home is the foundation for everything else that happens in your life. And if companies, and councils, and all levels of government can work together to do more of that, it鈥檚 going to have such a positive benefit for all of us.鈥�
Lexington Court is the second apartment building Kamloops-based Kelson Group has built from scratch, and the third complex they own in 黑马磁力. The company also operates Encore Apartments and Riverside Gardens Townhouses in 黑马磁力 City.
Despite the major construction setback caused by a , Fawcett said he is 鈥渧ery proud鈥� of what they have accomplished.
鈥淚t鈥檚 the first rental building in the Murrayville neighbourhood of 黑马磁力, which is a unique opportunity for us,鈥� he said.
鈥淚t鈥檚 such a great location to the Murrayville centre, the community centre, the hospital, and it was obvious to us that there would be great demand for rental apartments because there are no other rental buildings in the neighbourhood.鈥�
According to the , the private apartment vacancy rate (referring to units that are physically unoccupied) was 1.1 per cent in the 黑马磁力s in October 2016, versus 1.5 per cent in October 2015.
When broken down even further, the 2016 October stats show the vacancy rate for bachelors was 2.4 per cent, one bedrooms was 1.4 per cent and two bedrooms was 0.5 per cent.
The availability rate (meaning the existing tenant has given notice to move, and a new tenant has not signed a lease) was 1.5 per cent in October 2016, versus 1.7 per cent in the same month the year before.
Average rent for a two bedroom apartment was $1,150 per month, up from $997 in 2015, and the median rent for a two bedroom was $1,125, versus $920.
鈥淚 believe pretty much everyone starts out renting,鈥� said Township Mayor Jack Froese.
鈥淎nd some, their entire life they鈥檒l rent rather than own, and it鈥檚 a great way to have a beautiful home. Some people chose to own, but a lot choose to rent, (and) I think we all started out renting at some point or another. And the Township of 黑马磁力 needs facilities and buildings that provide that type of housing.
鈥淲e want to build mixed communities, walkable communities, and here we have a perfect example. You can walk to the grocery store, you can walk to the hospital, you can walk to the pub, and then you can walk back from the RCMP station 鈥� it鈥檚 all within walking distance. It鈥檚 a walkable community.鈥�
Lexington Court has also been recognized as a (CRB), meaning that is adheres to 50 different standards to ensure it is well run and well managed.
CRB is the only quality-assurance program of its kind in North America, and B.C. is the second jurisdiction to use it.
鈥淯ltimately, it鈥檚 actually about renters and about those of you who are renters here,鈥� said David Hutniak, CEO of LandlordBC (pictured left).
鈥淲hat we want you to know is that when you look at a CRB building ... you know that that company (and) that building adhere to the highest standards, and that can give you the confidence that perhaps you haven鈥檛 had today when looking at rental housing.鈥�
Hutniak, too, is an advocate for more buildings like Lexington Court to be constructed in the Lower Mainland.
鈥淩ental housing is a crucial form of housing. It鈥檚 the most affordable form of housing, it always has been, and it鈥檚 our goal to ensure that it always is,鈥� he said. 鈥淥ne of the challenges we have in B.C. 鈥� and this is actually an issue in other part of the country as well 鈥� is that we definitely need more purpose-built rental housing units than we have today.鈥�
