New rental housing measures were approved by Vancouver City Council this week. I haven't gone through the policies in the detail (you can do that here), but they aim to increase rental housing supply by doing things such as "pre-zoning" for 6-storeys on main streets and by allowing rental apartments to be built on some side streets (up to 150m away from arterial roads).

Here's an excerpt from the staff report:

Enabling new rental housing in all neighbourhoods would support an increase in supply and choice. The incentive programs have concentrated secured market rental development in selected neighbourhoods and along arterial streets. This has been effective at creating larger multi-unit projects, but has created an inequitable environment, where renters have limited housing choice. Expanding program coverage into low density areas, areas zoned for single detached housing and non-arterial locations to allow for a greater mix of structure types and densities (e.g. townhouses, small apartment buildings) are important considerations moving forward.

It is yet another data point for what I wrote about here -- the loosening of single-family zoning. Turns out, it can be difficult to meet the demand for new housing when you set aside a large part -- or most -- of your land for low-rise single-family homes. And there seems to be growing acknowledgement of that on the part of cities.

Photo by Aditya Chinchure on Unsplash

I really like what has been put forward for Block 8 in the newly developing West Don Lands neighborhood of Toronto. Here is a rendering looking east from the Distillery District toward the proposed westernmost tower:

It feels like an extension of the Distillery District, which was clearly the intent. The materiality also reminds me of Junction House. Red brick at the base to fit within its context, and a more modern material palette on the upper floors. 

I also like how, in this instance, the building steps out on its south side, as opposed to in. It’s something different. Not every building has to look like a wedding cake, right?

The architecture is by COBE Architects and architectsAlliance. The developers are Dream, Kilmer Group, and Tricon. And the plan is for 756 rental apartments, of which 225 will be affordable and integrated throughout the 3 towers. 

For more information, check out Urban Toronto.

The NY Times reported this week that, as the ultra luxury real estate market in New York City continues to cool, developers appear to be making two kinds of product adjustments: (1) they are converting the penthouses and rooftops of their buildings from premium residential space into amenity spaces for the broader building and (2) they are shrinking unit sizes to help with overall sales and leasing velocity.

According to the New York Times, condo prices on Billionaires’ Row in midtown are down 20-40% since the peak of the market in 2014 when this record was set. So developers are responding with more studios and 1 bedrooms, and amenity spaces – many of which now include high end restaurants also open to the public – that ensure no other building has something you don’t have.

However, there are naturally some differences between condo and rental buildings. Since 2016, 35% of rentals projects in the city have had some sort of penthouse amenity, whereas the number is only 13% for condo buildings. This makes sense given that amenities are such a big driver of leasing. You definitely want your amenities ready for when your leasing office opens.

What product changes, if any, are you seeing in your market right now?

Photo by Aaron Burson on Unsplash