Average Rents in Top Gentrifying Hotels (2015)
For the 2015 Hotel Report, CCAP looked at rent increases in eight of the fastest gentrifying hotels. Average rents in these eight hotels have more than doubled from $424 in 2009 to $905 in 2015, and average rents in three of these hotels are now over $1,000 a month.
Although the Woodward’s development included 125 units of welfare-rate social housing, the climate of investment and gentrification it produced destroyed at least 404 privately-owned SRO hotel rooms in a one block radius of Woodwards.
One of the hotels, the Golden Crown, located across the street from Woodward’s, is now advertising an SRO unit for a staggering $1,500 a month on Craigslist. Golden Crown is an extreme example of the impacts of gentrification on the neighbourhood, but we can expect a similar pattern in the coming years with the development of new condo projects, such as 955 E Hastings.
Also from the 2015 Hotel Report: Our Homes Can’t Wait