Apartment Source

Apartment Source - New Westminster & Tri-Cities Edition

In this edition, Steve Fame, Dan Chatfield and Jonathan Gee highlight the New Westminster and Tri-Cities apartment market’s continued its trend as a premiere asset class.

The appreciation of the New Westminster sub-market is highlighted as per-unit values have increased by a staggering 126% since 2012 while the average capitalization rate has fallen from 4.80% to 2.77% in the same time period.

The influx of purpose-built rental development is also highlighted as there are approximately 31 woodframe and concrete rental apartment buildings that have been constructed or are in the rezoning or development stage, accounting for over 3,700 new rental units in the New Westminster and Tri-Cities submarkets.

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