26 February 2011 ~ 0 Comments

Affordable Rent in Edmonton

Edmonton has an interesting program to combat affordable housing called Cornerstones. It is a five year plan by the City of Edmonton to increase the number of long term affordable housing units and provide support for lower income Edmontonians in need of housing. Rent in Edmonton going up should be managed with this program.

Baranow Estates Edmonton

Baranow Estates Edmonton

Last year, one hundred and eighteen Edmontonians now have access to affordable Edmonton apartment rentals, thanks to a $4 million dollar Cornerstone investment.

Residents are celebrating the grand opening of Baranow Estates, a new $6.1 million, four-storey, 51 Edmonton rental apartments located at 12521–142 Avenue. All the units are already fully rented out, with a 55 person waiting list.

Rent Edmonton – The Baranow Estates was built and is owned by Giacobbo Holdings Ltd. The new building has 8 one-bedroom units, 4 one-bedroom barrier free units, 39 two-bedroom units. Edmonton Rent do not exceed 85% of average market rents for one and two-bedroom units for 20 years for this building.

The City of Edmonton’s Cornerstones Plan has helped create over 2,100 affordable housing units to date. Renting in Edmonton has definitely become more affordable with this program.

Under Cornerstone, Edmonton renters can also apply for Edmonton rent supplements. As well, Edmonton landlords can apply for secondary suite grants to build houses for rent in Edmonton.

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