Chris R.
Senior Member
Wow, thanks for posting! It will likely take them multiple years to fill these buildings. I'm not sure how many 3 bed units they have but those are very high prices for a 3bdrm. You can find full 3bdrm detached houses in Hamilton for significantly less than that. The 1 bed prices are in line with what I expected, and considering the Marquee tower was charging $2600/month for 2bdrm suites, it's not too surprising.
I'm surprised they're not starting a bit lower and increasing after the first lease year instead. Without rent controls, they could raise it by a bit over inflation for a year or two to fill the buildings quickly, then raise the rents over time once they're filled.
I don't think there's parking for every unit either, so I wonder if they are charging extra for parking.
Also: based on some math, the 3bdrm suites are targeting, likely couples that make $180,000/year combined. I'd be curious the type of couple that make this income but chooses not to buy, or rent a larger house. Perhaps some DINKs? I can't see anyone with children renting these 3bdrm units.
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TheHonestMaple
Active Member
The three bedrooms will likely go to students, three roomates. I bet this building will actually be largely students.
Chris R.
Senior Member
Still about $1145/bedroom which is high. I suppose they may not be seeking out renters that meet the 33% threshold, because if they were they would need 3 students who make $60,000/year each, which I don't think it super common. Might be picking up international students who often pay their entire year upfront which would be $13,740 which would make some sense since now Canada(Ontario ?)is requiring students to come to school with $20,000 for housing.
TheHonestMaple
Active Member
Most students pay their rent using OSAP and/or a line of credit, combined with some money they make during the summer. 1145 isn't out of the question for a student, not at all. Probably mostly foreign students like you said though. My building is full of Chinese foreign students driving 140k BMW X5s....
Chris R.
Senior Member
I understand it's possible, but usually rental agencies have a minimum income or something to ensure the rent can be paid. Normally this is 33% of income (some use net, some use gross).
It does make sense that rentals and new homes typically cost the most day 1 because that's when they're the newest. These will become more affordable over time as they age. The wealthiest people likely to live in condos and apartments are students, whether international or otherwise.
It does make sense that rentals and new homes typically cost the most day 1 because that's when they're the newest. These will become more affordable over time as they age. The wealthiest people likely to live in condos and apartments are students, whether international or otherwise.
TheHonestMaple
Active Member
Ok ok let's keep this on topic please. Even for me this is a bit much.
Indeed keep it on topic.
Branden Simon
Senior Member
Chronamut
Senior Member
It looks great, but am I the only one that finds the top row of each black section.. distracting? he part with those little metal circles all along it - I actually kinda wish those black boxes had all been matte and uniform to go with the overall look of the building.
I mean.. yes they are on every row on the black parts if you look closely, but the balcony glass seems to cover it up on the other rows, but not on the top ones.. makes it look.. un-uniform.
I mean.. yes they are on every row on the black parts if you look closely, but the balcony glass seems to cover it up on the other rows, but not on the top ones.. makes it look.. un-uniform.
Wigs
Active Member
They should have went clear or at least opaque at the very top/mechanical floors. I don't like the... is it black? Or dark grey
Hawrylyshyn
Active Member
I believe they had to since it was just solid cement underneath
Chronamut
Senior Member
Yeah oftentimes the top layers of a building are just "faked" cladding to make it appear more airy and not just a concrete block on top lol.
Wigs
Active Member
An opaque screening would have worked better to my eyes 
Overall the building turned out almost exactly as the rendering
Overall the building turned out almost exactly as the rendering
Chris R.
Senior Member
Seems this isn't launching with any ground floor retail tenants. Perhaps they'll fill up quickly though with a hope to open for summer 2024 seeing as the destination is quite desirable. That being said, not a good sign of summer being filled with much since they have lease signs up in the window at launch.
