Over the last 30 years, Canada's rental pool has grown alongside its population. However, the current tenant makeup is not much different than it was three decades ago. What has changed, says Kevin Green of Greenwin, is tenant expectations, with today's renter wanting landlords to provide a plethora of amenities.
"During the days of rent control, tenants were happy to live in a clean and safe building," says the CEO of one of Canada's premier residential and commercial real estate companies. "Today, with the condominium boom, the increase in rents and more vacancies, tenants are looking for a higher level of service."
What does this entail?
Green says landlords need to essentially combine the flexibility of apartment living with the service of a hotel.
“Tenants today are expecting a lifestyle,” he explains. “They want exercise rooms, movie rooms, libraries, car wash bays. They're looking for a 24 to 48 hour (maintenance) turnaround time if anything's broken (in their suite). They also want someone to help them with restaurants in the neighbourhood or get theatre tickets.”
In response to higher tenant expectations, Greenwin has reintroduced a number of once popular amenities into its apartment stock. It has also launched a variety of social programs, from family movie nights to book clubs, to engage residents and create a sense of community in its buildings.
“When people feel a sense of community it enriches their lives,” says Green, who recognizes the importance of community involvement.
Greenwin is an active member in bettering its buildings' neighbourhoods. The real estate firm has a history of partnering with not-for-profit organizations in fundraising activities. In 2003, Greenwin teamed up with the San Romanoway Revitalization Association to build a playground in the Jane and Finch area of Toronto, which was once dubbed “Canada's worst community.” Most recently, the company introduced a program to assist new Canadians with obtaining residency in the city.
“If you don't have a record of employment or any past histories (in the country), it can be difficult to find permanent accommodations,” he says. “So, while this may seem like a small gesture, it has a big impact on people's lives.”