Serving an important role in the community, rental housing provides affordable housing to households with varied income levels while enabling flexibility for workers who require proximity to their workplace. Rental housing is a City priority.
Rental housing is comprised of purpose-built rental apartments, condominium rentals, single-family house rentals, secondary suites and rooming houses. Vacancy rates have remained below 4% since 2000. Approximately 44% of New Westminster households are renters.
Secured Market Rental Housing Policy
On May 13, 2013 the City adopted the Secured Market Rental Housing Policy. The strategies and actions outlined in the policy are aimed at retaining, renewing and enhancing the supply of secured rental housing.
moratorium on Strata conversions
Due to the limited development of rental housing in recent years, purpose-built rental structures are comprised primarily of older rental housing. The City has experienced a loss of no more than 3% from redevelopment, thanks to a moratorium on strata conversion of older purpose-built rental buildings.
Now, New Westminster’s purpose-built rental apartment stock is aging and 10% of rental apartment units require major repair.
Secondary suites are recognized as a legitimate form of affordable rental housing. Often, they provide an affordable option for students, single people, young working couples and small families.
Since New Westminster’s Secondary Suites Program began in 1998, numerous legal suites have been implemented and many unregistered suites have been identified. The implication? Secondary suites potentially make up 10% of New Westminster’s housing stock. Based on an analysis of the City’s legal suites, most legal secondary suites are located in newer homes.