8 Reasons Why Laneway Homes are the Future of Renting
You’ve probably heard that the City of Toronto has approved the new by-law regarding laneway homes. And, might we add, what a wonderful development it is! Not only for homeowners but also for all those people in desperate need of rental space.
The utilisation of laneways as rental properties has very few drawbacks. If you have any doubt in your mind about the benefits of laneway housing rentals, this should put them to rest.
In this post, we take a look at the reasons why we believe laneway homes are the way to go for rentals in Toronto in the near future.
1. Less Traffic, Greener Toronto
Thanks to the prescribed specifications, it is not required for homeowners to include designated parking for laneway homes on their property. It’s also noted that the majority of people looking to rent are not necessarily vehicle owners and that they will more than likely turn to public transportation for their daily commute.
Laneway housing also encourages carpooling. We expect to actually see a decrease in fuel emissions in the city. While it is optional to include a parking area, this will be at the discretion of the home-owner.
2. Luxury in a Small Space
Laneway suites are high standard accommodations. Although the process of construction can be a bit tedious, the result is a beautifully designed laneway home which is functional and often bigger than a condo.
Also, all fittings and furnishings have to be environmentally friendly and minimise the carbon footprint. These homes offer renters a space that is luxurious for them and the environment.
3. Neighbourhoods are an Attractive Option for Tenants
The average tenant wouldn’t mind living in an apartment building. But seeing that rentals are becoming a problem, people are looking at other options for living. Quiet neighbourhoods that are situated close to amenities such as hospitals and schools are fast becoming preferable.
If your property allows you to build a laneway home, doing so will ensure you get a tenant. Not only will tenants love the fact that the home is close to all amenities, but they will also prefer something more private and quieter.
4. Homeowners Get to Earn an Extra Income
This is, of course, a benefit to homeowners alone, but still important to stress. Those homeowners who struggle to make their mortgage payments or save money for their retirement now have it easier. Building a laneway home might actually save you money.
Plus, it will skyrocket the value of your property instantly. Not only will you benefit, but your community will too. And so will those looking for long-term accommodation solutions.
5. Solve the Rental Problem in Toronto
The rental problem in Toronto is something that concerns everyone. There are approximately 100,000 new residents annually and simply not enough space in the city for more domestic dwellings. The shortage of rentals is a real problem.
Using your property and building a laneway home will solve this problem. Did you know that the majority of Toronto’s population is renters? Give them a place to live and decrease the demand for housing.
6. Safer Laneways in Neighbourhoods
Laneways are synonymous with dodgy handlings such as crime and drug dealing. There are an estimated 2,400 unutilised laneways currently in Toronto. Just think how much opportunity exists for criminal activity with all these laneways not being used.
By turning laneways into laneway suites or homes, we’ll make the city a brighter and safer place. These units are built to face the laneway, which means there won’t be an opportunity for criminals to engage in criminal activity.
7. Accessibility is Top Priority
Laneway homes have a long list of building requirements that they have to adhere to and meet. If you are worried about the fact that there won’t be an entrance for an emergency vehicle, think again. According to the specification requirements, there has to be a 0.9 metres wide access path.
There are plans in place to ensure homeowners don’t have to worry about a thing. Laneway home dwellers will also receive their postage and services by using the main house address with an added ‘R’ that indicates ‘Rear’.
8. Affordable Option for Renters
As the housing demand increase, so does the cost of rentals in Toronto. The supply will increase with new laneway homes being built and prices are bound to go down. Don’t worry though, it will still be a great investment for any property owner.
Laneway houses will make it possible for the city to accommodate the influx of new residents while maintaining affordable rental prices. The main objective of laneway homes is to make rentals more readily available to those in need of a place to stay.
There are many reasons why the building and development of laneway homes would be of benefit to the renters of Toronto. And as you can see, to the residents and homeowners of the city as well.
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Give us a call and one of our dedicated team members will provide you with further information regarding your future laneway home.