According to Francoeur, one of the keys to increasing rental housing inventory is a good working relationship with the local municipality. Real estate developers and investors can reap the rewards of good communication and collaboration with these entities by fostering better connections with local authorities, housing boards and others in positions to help ease the housing crisis. According to one investor, “JG is always focused on the question of ‘how can we make this better?’ His opinion on building a working relationship between the city and real estate investors resonates with those who have worked with these officials in the past.”
Beyond a great working relationship with the municipality, there are several other sticking points to rental inventories rising. Francoeur points out that issues such as parking restrictions are only part of the puzzle when working with any city in real estate investment. Another challenge is the lengthy process of changing zoning or getting variances approved by the city. Francoeur cites that these processes can take three to six months and can easily cost over $10,000. These costs in the end are passed on to renters which is one reason why rents continue to rise.
For more information on Francoeurr’s work with the city of Peterborough and his other projects, visit https://visture.ca/visture-ceo-weighs-in-on-peterboroughs-major-housing-shortage/
About JG Francoeur and Visture Property Group: JG Francoeur and Visture Property Group have been featured in numerous publications by news agencies and real estate communities, such as REIN Canada. A recognized leader in the field of real estate investment, JG Francoeur offers his insight into many aspects of property acquisition and management.
Visture Property Group
552 Armour Rd, Peterborough, ON K9H 1Y8