Appendix
Coriolis Attachment 1 – Rental Rates Survey
June 27, 2017Page 2301 section
Survey of current market rental rates for new purpose-built rental developments in the Greater Victoria area.
One Bedroom rates range from $2.21 to $3.36 PSFAverage new unit mix size: 652 sq. ft.
Attachment 1 – Rental Rates Survey
Survey of Market Rents and Unit Sizes in Study Area
| Area | Development Name | Address | Number of Bedrooms | Size (Sq. Ft.) | Rent | Rent PSF | Construction | Age | Storeys | Notes |
|---|---|---|---|---|---|---|---|---|---|---|
| Downtown Victoria | 595 Pandora | 595 Pandora Avenue | 1 | 584 | $1,700 | $2.91 | Woodframe | 2017 | 5 | New build. Gym and amenity room. |
| Downtown Victoria | The City Place | 827 Fairfield Road | 1 | 520 | $1,700 | $3.27 | Woodframe | 2004 | 6 | Hydro not included - includes parking. |
| Downtown Victoria | The Escher | 838 Broughton Street | 1 | 475 | $1,550 | $3.26 | Concrete | 2017 | 10 | Underground parking, new build. |
| Downtown Victoria | The Escher | 838 Broughton Street | 1 | 1,035 | $2,895 | $2.80 | Concrete | 2017 | 10 | Underground parking, new build. |
| Downtown Victoria | The Escher | 838 Broughton Street | 1 | 652 | $1,600 | $2.45 | Concrete | 2017 | 10 | No parking or hydro. |
| Downtown Victoria | Hudson Walk One | 755 Caledonia | 1 | 560 | $1,510 | $2.70 | Concrete | 2017 | 15 | Parking available at $150/month. Storage $25 per month. |
| Downtown Victoria | The Wave | 845 Yates Street | 1 | 563 | $1,375 | $2.44 | Concrete | 2006 | 13 | No parking, utilities included. |
| Downtown Victoria | The Wave | 845 Yates Street | 2 | 910 | $2,150 | $2.36 | Concrete | 2006 | 13 | |
| Downtown Victoria | Hudson Walk One | 755 Caledonia | 2 | 1,270 | $2,795 | $2.20 | Concrete | 2017 | 15 | Parking available at $150/month |
| Victoria West | Promontory | 83 Saghalie | 1 | 550 | $1,850 | $3.36 | Concrete | 2014 | 21 | Size is approximate based on suite layout. Luxury building with swimming pool. |
| Victoria West | The Bayview Place | 100 Saghalie | 2 | 940 | $2,750 | $2.93 | Concrete | |||
| Langford | Waterstone | 3210 Jacklin Road | 1 | 653 | $1,395 | $2.14 | Woodframe | 2008 | 4 | New unit - parking extra for $20/month. |
| Langford | Station Street Apartments | 2885 Jacklin Rd | 1 | 568 | $1,175 | $2.07 | Woodframe | 2015 | 5 | No parking or hydro. |
| Langford | Roberts Place | 777 Hockley Ave | 1 | 668 | $1,400 | $2.10 | Woodframe | 2017 | 4 | |
| Langford | Village Walk West Apartments | 784 Hockley Ave | 1 | 550 | $1,400 | $2.55 | Woodframe | 2017 | 4 | New Build. Underground parking. |
| Langford | Roberts Place | 777 Hockley Ave | 2 | 845 | $1,500 | $1.78 | Woodframe | 2017 | 4 | |
| Langford | Maconnell Place West | 663 Goldstream Avenue | 2 | 810 | $1,600 | $1.98 | Woodframe | 2007 | 4 | Parking, locker included. |
| Average | 715 |
Source: Craigslist, Kijiji, Coriolis Consulting
Average Rental Rates Per Square Foot by Area
| Area | One Bedroom | Two Bedroom |
|---|---|---|
| Victoria West | $3.36 | $2.93 |
| Downtown Victoria | $2.83 | $2.28 |
| Langford/Colwood | $2.21 | $1.88 |
Source: Craigslist, Kijiji, Coriolis Consulting
Average Mix and Size of New Purpose Built Rental in Metro Vancouver
| Unit Type | Average Size (sq. ft.) |
|---|---|
| Studio | 416 |
| One Bedroom | 572 |
| Two Bedroom | 778 |
| Three Bedroom | 1,101 |
| Total | 652 |
Source: Craigslist, Kijiji, Coriolis Consulting
Page 230
Extracted from: 2017 06 27 Public Hearing Agenda - Agenda - Pdf