Avanew is bringing the co-living asset class to Ontario to meet the growing demand for living solutions that offer greater affordability, convenience and community. Co-living is a community living concept for like-minded people to live, work, and socialize together. Living spaces are well designed, fully furnished, with incidentals and utilities covered by one bill. Catering to various living styles and tastes, the main value of the co-living experience is greater affordability and sociability versus traditional rental apartment offerings.
Co-Living is a purpose-built rental solution for the sharing economy, where residents share common areas of units such as living rooms and kitchens, while retaining their private personal spaces. This asset class is best suited towards young professionals, lifestyle seekers and flexible renters. Our goal is to provide a seamless renter experience and curated amenities like social spaces, workspaces, health & wellness oriented activities, to enhance the renter experience.
Roommating has been practiced for decades and has grown to represent 30% to 50% of all rental households in US urban centres. In Canada, up to 60% of renters are estimated to be roommating. With Toronto being one of the fastest growing cities in North America, housing supply constraints have placed enormous upward pressure on Toronto rental rates. In a period where loneliness, isolation, living costs and remote work opportunities are at an apex, co-living provides an aspirational twist to an historic concept.
Avanew has a robust pipeline of co-living sites that are in various stages of the diligence and acquisitions process, targeting urban and transit-oriented sites located within the Toronto core. Target sites are strategically positioned within vibrant neighbourhoods along major avenues and situated close to major transit, entertainment and amenity hubs.