Purpose-built rental property in Canada

Altus Insights Podcast Series

Date: April 21st, 2022

Name of podcast: Altus Insights Podcast Series

Episode title and number: Purpose-built rental property in Canada

Episode summary: Purpose-built rental has been a hot trend, will it get hotter? The affordability issue we're experiencing in some of the major markets are caused by low supply versus increasingly high demand. Luckily, purpose rental has been thriving with new construction. In this episode, we’ll discuss purpose-built rental and why this asset type’s demand is only increasing and how its addressing some of the gaps in the market.

Panelists in this episode:

• Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.

• Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Key topics:

· 00:43 – How does purpose-built rental help address growing housing needs?

· 06:33 – Pro Forma: Purpose-built vs. Condo

· 13:39 – Regional demand for purpose-built rental

· 18:46 – Cap rates and best markets for purpose-built rental

· 24:38 – Closing remarks: Concerns about affordability and supply & demand from Marlon

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