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Average rents in gentrifying hotels (2015) - Carnegie Community Action Project 加麗基社區行動計劃

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Average Rents in Top Gentrifying Hotels (2015)


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Gentrifying hotel rents 2 1

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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.


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Gentrifying hotel rents table 2 1

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Excerpt from 2015 Hotel Report: Our Homes Can’t Wait


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Also from the 2015 Hotel Report: Our Homes Can’t Wait


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Rate of Change
(2015)


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Average lowest SRO rents (2015)


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Summary of 2015
Hotel Report