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Join Date: Dec 2015
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Chard sees pivot to rental as a permanent shift in Vancouver
In a recent interview with RENX, Chard Development president and CEO Byron Chard said the firm is diversifying its approach to development and is working on several rental projects in the Lower Mainland and Victoria as it moves away from condos, for now.
"We see rental housing as essential infrastructure," Chard said. "It's not a temporary response to market conditions.
"We saw a strong opportunity to differentiate Chard in the marketplace, to not only offer the development construction, but also offer asset management and property management."
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Chard said another key to managing through the condo downturn is to partner with not-for-profits on housing projects, including with BC Housing. "This has also become a core function."
The strategy doesn't mean a total shutdown on condos, however. “I’d say, for us right now, it is an unstable political environment, and... that means that we need to focus on stable asset classes and ultimately provide stable communities."
He said serving as rental building managers is also equipping the company with valuable information about renters and their buildings that is helping to shape the design and amenity packages as they move forward.
"We get to then reassess our decisions that we made and be held accountable to them and so we can improve the next asset, the next building, and have that continuous improvement."
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Chard said the firm has learned that fast, convenient elevators which properly service residents, maintenance and moving has proven to be important to renters. "We view elevators as a true amenity to the building. It's not just a requirement. That's (considered an) amenity if you can offer really good elevator speed and service."
He said clean, functional, accessible garbage and recycling areas are also important to residents.
Security and safety features are now fundamental, he said. "How do we make sure that our tenants’ security... is always top of mind for us so that's never something our tenants need to worry about?"
Feedback shows renters also want amenities that reduce their costs outside of the home. That means having high-quality fitness spaces in the building and spaces within homes that are convenient and professional for working at home.
Moreover, integrated coffee shops within the building are another desired amenity. "We're going to have a partnership with Forecast coffee connected right into the lobby (at Cascades) that our tenants are going to be able to enjoy."
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Big picture, getting back into the condo market will require some adjustments in the market. Chard is tracking a few key factors that will guide the overall approach to housing.
"No. 1 is immigration numbers, and No. 2 is... job creation," Chard said, explaining he keeps a close eye on overall economic activity and monitors which industries are advancing in the region as part of provincial GDP growth.
Homes service that growth, he said. More jobs mean more people will come and they'll need places to live.
Chard said the company's view on condo development is also shifting. That could mean smaller buildings.
“Maybe for concrete, that's 80 to 100 units where we don't necessarily need the pre-sales that we previously required,” he said. “We could be proceeding on an equity basis and really delivering (condos as) end-user product."
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https://renx.ca/chard-pivot-condo-de...tal-apartments
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