Developers say the pivot to purpose-built rental isn’t going to be easy
As sales of new condominiums continue to languish, more real estate developers are considering a pivot to purpose-built rental. But those with a track record of building in that space warn that anyone who thinks it will be an easy transition is in for a bumpy ride.
“I’d say a lot of groups are looking at converting to rental out of necessity because their condo projects are not viable. It’s the least-bad option,” said Derick Fluker, chief investment officer at Wesgroup Properties.
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