When we look for opportunities for Sage Condominium projects, we look at the local market. The overall vacancy rate for 1 to 3 bedroom places in kingston decreased in 2018 to 0.4%. This is the lowest the vacancy rate has been in decades, likely due to factors such as the number of students that more to Kingston to attend Queen's University where there are only approximately 4,500 beds on campus and the heritage projected neighbourhoods surrounding the school.
With limited supply of accommodations, rental rates in Kingston have moved up. Currently Kingston has the 3rd highest rates in Ontario coming in behind only Toronto and Ottawa.
Student enrolment is up to approximately 24,649 in 2016 from 23,764 enrolments reported for the 2017-18 academic year.
Lease Guarantee: Sage Living will offer a minimum guaranteed lease rate on all leases. This lease guarantee provides a minimum amount investors will receive for the first two years. Any lease rate growth above the guaranteed rate is to the sole benefit of investors.