Average Rents in Top Gentrifying Hotels (2015)

Gentrifying hotel rents 2 1


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.

Gentrifying hotel rents table 2 1

 

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