Edmonton is experiencing a surge in purpose-built rental developments, which are playing a key role in keeping the city affordable, according to Paul Lanni, president and CEO of Averton. The company's Echo rental residences in St. Albert recently won the Best Low-Rise Rental project award at the BILD Edmonton Metro Awards of Excellence in Housing.
Strong Demand Despite Market Softening
Lanni noted that Alberta builders constructed more homes last year than in any previous year, with a significant portion being purpose-built rentals. He emphasized that Edmonton added over 300,000 new residents in the past three years, and migration continues. The more housing built, the better the region can preserve its affordability advantage over the rest of Canada.
Despite a general sentiment of market softening, Lanni reports strong interest in Averton's rental communities. Echo, in Averton's Midtown community, is 70 per cent leased, while the 70 Rowan rental townhomes in Creekwood Chappelle in southwest Edmonton recently launched.
Downtown Adjacent Projects Thrive
The Parks, a 36-storey, 363-unit rental building on the site of the former El Mirador Spanish-style apartments, won the BILD Edmonton Metro Award of Excellence for Best High-Rise Rental Project and is about 80 per cent leased. Developer Maclab Development Group reports strong reception but has not yet decided on a planned second tower backing onto O-day'min Park.
Bill Blais, Maclab's president and CEO, stated that the second tower has been designed, but the company will wait until the first tower is nearly full before making a decision. If approved, the second tower would be 45 storeys with a similar design, located just south of the first tower.
Growing Interest Near Parks and Institutions
The area around the new park has attracted multiple developers. Westrich Pacific is building three mid-rises nearby, and Autograph has plans for a rental building near 124th Street and 102nd Avenue. Blais noted that the park investment has increased interest, along with proximity to MacEwan University, Norquest College, and the provincial government centre, making it a natural location for more housing.
