New, provincially funded ‘affordable’ rentals in Nanaimo slated to be near-market rent
NANAIMO — Billed as “affordable rental homes” by the province, new apartments slated near downtown and the Vancouver Island University won’t be much cheaper than what’s already available.
Construction of 180 new market rental homes will begin shortly at 560 Third St., set to be rechristened DLX on Third.
The pair of four-storey buildings will feature commercial units on the ground floor and rental units above, with Nanaimo mayor Leonard Krog saying in a provincial release the project fits in Nanaimo’s affordable housing strategy.
“These 180 new rental homes for middle-income earners meet the goals and objectives of our plans and, given our low rental vacancy rates, are a much-needed addition to Nanaimo’s rental market.