Recently I was asked to comment on purpose-built rentals, specifically the need for luxury purpose-built rentals, their benefits, what type of person would move in, and what exactly would make the building “luxury”. I think there is absolutely a need for these types of buildings, because they can offer a type of security that renting in a condominium can’t. When renting, there is always a factory of uncertainty because your landlord could sell at any time which may change your living situation. With a building specifically designed for rentals, people can live there indefinitely. People downsizing also may have a need for this type of building, because while the suites are smaller than a large house, it’s very possible to find one that will accommodate your full size furniture that you’ve been living with for the past many years. Finally, a luxury building will manage and maintain for you, i.e. landscaping, upkeep of amenities, concierge to receive packages or provide security, so your home can just be a place to relax and you don’t have to focus on upkeep.

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