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in si de ha lto n. co m O ak vi lle B ea ve r | T hu rs da y, Ju ly 22 ,2 02 1 | 12 NOW OPEN! -*,3(6**. *+'# *!& 5$06&32*.'& /).'%1 2'4" Visit www.marineland.ca It's more expensive than ever to live in Halton. From rentals to home ownership, prices have steadily in- creased over the last decade, and this has created chal- lenges for individuals and families. In a three-part se- ries on the state of housing, we take a closer look at how we got here and what sky- high prices mean for local residents. Here is part two, examin- ing the cost of renting in Halton. Next week, see part three on the struggles to find affordable housing. As housing prices in- crease across the country -- diminishing the possi- bility of home ownership for many -- the prospect of renting affordably is also being threatened. According to the Toron- to Region Real Estate Board (TRREB), in the fourth quarter of 2020, Hal- ton Region has a rental va- cancy rate of 0.4 per cent, a rate driving available rent- al prices skyward. In the last quarter of the year, the average lease price of a two-bedroom apartment in Halton was $2,453. For Alyshia Poirier, who rents a two-bedroom apart- ment with her husband and two young children for $2,100, the pressure is mounting. When Poirier found out she was expecting her sec- ond child, she and her hus- band decided a larger rent- al was a necessity. "We were living in a one- bedroom apartment -- just making do with our daugh- ter," Poirier said. "We're on- ly in two bedrooms now -- and with two children, their belongings add up very quickly." But with the high cost of renting and higher costs of home ownership, Poirier said her family had no plans to purchase a home or move to a larger rental unit. "We're basically living paycheque to paycheque," Poirier said. With both Poi- rier and her husband earn- ing $22 per hour, she said, there is little left to save. Though a lack of supply seems to be driving rent prices up, developers are making efforts to deliver new stock. "People want purpose- built rental as a housing choice, and we're still un- dersupplying," Daryl Chong, president and CEO of the Greater Toronto Apartment Association, said. "That's the problem." While 1,477 purpose- built rental units have been created in Halton Region over the past 15 years, de- mand is outpacing supply. What's been hindering supply, Chong said, is fi- nancial viability. "If you can make it work financially, then you can build it," he said. By the end of 2021, an- other 588 units are expec- ted in the region with 105 in Milton, the Miltonian by Valery Homes, and 483 in Oakville, The Village at Bronte Harbour by Crom- bie REIT and Prince Devel- opments. For Kat Pearce, who rents a $1,200-a-month apartment from her land- lord downstairs, there are few other rental options. "I see what else is avail- able in Milton -- there's nothing for $1,200," Pearce said. Pearce, a chef, works full time and makes more than minimum wage but has been priced out of even the rental market. "I'll be 30 this year -- someone my age shouldn't be struggling to get grocer- ies," Pearce, a university graduate, said. "I feel very lucky to have the place I have." One of the benefits of purpose-built rental units, units specifically designed for the rental market, is, oddly, permanence. "Even when you sell a whole apartment building, it still stays a rental," Chong said. "That's the beauty -- it's permanent; renting out a condomini- um or a home is a bit more precarious -- the owner may want to take it back or sell it." On top of the stability, Chong said professional management allows issues to be resolved faster and more reliably. "We've got people trying to build in Oakville -- it's not easy. It takes a long time, and there are lots of conditions," Chong said. Though the cost of con- struction is on the rise, Chong said there were steps municipalities could take to attract rental devel- opers, including discounts on development charges, property tax relief and a fast-tracking. "Development is typi- cally done by the private market," Nicole Pal, eco- nomic development and special projects co-ordina- tor for the Town of Halton Hills, said. "When a project is identified as a priority, our staff can make a deci- sion to expedite that re- view." Of course, the responsi- bility falls on the applicant to complete environmental cleanup and submit the ap- propriate documents for approval. For developers in the GTA, including across Hal- ton Region, the escalating cost of land is a factor hin- dering affordable develop- ment -- especially for the rental market. "It's quite tough for a de- veloper to build affordable rentals," Pal said. "If you're building a condominium, the profit is right there, versus rental, it has to be spanned over 20 or 30 years to recoup that investment." One of the ways munici- palities can help encourage developers to build afford- able housing is through in- centives, but even then, provincial and federal in- centives may also be re- quired to entice builders. "The Town is working towards a program to pro- vide incentives to see more affordable housing," Pal said. "The market alone is not getting there." CAN MUNICIPALITIES SOLVE THE LACK OF RENTAL OPPORTUNITIES? The cost to rent in Halton has risen dramatically in recent years. Steve LeBlanc/Metroland BRYAN MYERS bmyers@metroland.com NEWS $93,588 Metroland graphic Average Lease Rate Burlington Median Household Income $106,349 Halton Hills Median Household Income $113,666 Oakville Median Household Income $65,829 Toronto Region Median Household Income $104,730 Milton Median Household Income Average Rent and Median Income in Halton Region Source: Lease rates based on Q4 Toronto Region Real Estate Board data for 2020. Median incomes based on StatCan census 2016. $1,914 $2,470 $2,746 One Bed Two Bed Three Bed $1,950 $1,850 NONEAVAILABLE One Bed Two Bed Three Bed $1,961 $2,546 $2,915 One Bed Two Bed Three Bed $1,845 $2,453 $3,174 One Bed Two Bed Three Bed $1,858 $2,152 $2,325 One Bed Two Bed Three Bed