Apartment developer banking on baby boom rentals
Construction is nowhere complete on a 50-unit apartment complex in Riverview, but baby boomers are already lining up to move in.
Len Woods, the building's developer, said it’s a sign of the times.
"We have 30 people in my cell phone waiting to hear when our model unit will be ready and that's the level of interest that we have generated so far," he said.
According to the Canada Mortgage and Housing Corp., the number of apartments in the greater Moncton area is steadily growing. About 1,121 new units were built in the last two and a half years.
Woods said many baby boomers are looking to downsize their homes and move into apartments.
"My parents are in that target market and like a lot of people in that target market. They have their home that’s paid for, they don’t have big investments and whatever investments they do have haven't given a return on investment. They have decided to cash out with the economy the way it is," he said.
Bonnie Harrison plans to move into the Wood's Hillsborough Road building at the end of November.
"The home I had was 15 rooms, which was way too much for me. I still want to be able to live and not have to pay everything out to take care of a house," she said.
Even with rent as high $1,100 a month Woods expects no vacancies when the building is finished in November.