Waterfront Vancouver’s Rediviva lowers rent, hires new management team
This is not much of a surprise, as four months ago RiverWest, a neighboring apartment complex opened, and it is big competition, as it opened with not only cheaper rental rates, also with more than three times the number of units.
Rediviva, which opened in December of 2018, has leased 88 per cent out of 63 of its luxury apartments, according to Barry Cain, owner of Gramor Development.
“Now that we’re going into winter we’re running a promotion to fill up the final few,” Cain wrote in a statement to The Columbian on Friday.
Following Thursday’s announcement, Rediviva’s rental rates for a basic studio dropped from $1,826 to $1,541. Its two-bedroom apartment prices now start at $2,691, compared with $3,283 formerly, according to the announcement. With these quite intense price drops, it makes Rediviva a much more affordable option to purchase at the current moment.
RiverWest’s 207 apartments are at 56 percent capacity, HSP Properties project manager Josh Oliva said Friday. Its studios start at $1,396. The lowest rate for a two-bedroom is $1,712.
“RiverWest absolutely impacted the availability in the area,” wrote Cain, “but there is such a demand for the waterfront that at the end of the day, the more doors the better.”
In the coming years, about 500 more apartments will open up at The Waterfront Vancouver. Meaning throughout the next couple years, expect much more availability with a wider variety of prices for homes.
In 2020, another apartment complex will break ground on Block 20 on the western side of the waterfront property. That complex will hold 239 apartments in its seven-story building. A 250-unit apartment house is also slated to open in Block 3, which will have its view of the river blocked by Hotel Indigo.
If you would like to learn more about why waterfront properties decrease their prices when Winter is upcoming, or if you would like more details please do not hesitate to contact with RentYVR agents [email protected] or call us at 778.888.8862 and make an appointment, or please register to our VIP Client list and we will inform you about most of the real estate that can effect your investments portfolio.