NEWS POSTED BY: https://www.thepeterboroughexaminer.com/news-story/8175009-not-even-built-yet-30-of-the-130-apartments-at-the-y-lofts-in-downtown-peterborough-have-already-been-reserved/
People are already signing up to rent luxury apartments in the Y Lofts downtown, says the listing agent, even though the building won't be ready for occupancy until early 2019.
Alex McLeod of DNS Real Estate said that of the 130 apartments to be developed in the historic YMCA building downtown, almost 30 are already taken.
The rent is listed at $1,575 for a one-bedroom, one-bathroom apartment with a dining room, living room and kitchen. There's also a washer, dryer and dishwasher included.
That rental rate includes heat but not hydro (which is metered separately).
Other types of units are also expected to be developed as well; some with more bedrooms, for instance, and bachelor apartments too.
Never mind that the move-in date is a year away, says McLeod: people are still interested in making a commitment to rent, based on the floor plans.
McLeod said some prospective tenants are doctors on locum or other professionals on short-term contract.
Others are senior citizens who want to downsize from a house, McLeod said, and they want to plan far in advance.
Although there are high-end condos available in Peterborough, McLeod said that's not for everyone. Some seniors don't want to pay high condo fees after they've bought their unit, he said.
There's also the issue of what happens to the condo when older parents die, McLeod added. That scenario often leaves the adult children with a condo to sell, or else fees to pay; some older adults prefer simply to rent.
But they still want a high-end apartment, McLeod said. "And there's so little luxury space to rent in Peterborough."
NOTE: For more information, visit Atria Development at http://www.atriadevelopment.ca/communities/peterborough/y-lofts or call DNS Real Estate at 705-749-1602.