Rnd­sqr rental di­vi­sion ad­dresses mar­ket shift

Calgary Herald - Calgary Herald New Condos - - Front Page - CINDY STEPHEN

In­no­va­tive multi-fam­ily builder Rnd­sqr is adding a new role to the com­pany port­fo­lio — that of land­lord.

Com­pany co-founder Alka­rim De­vani says rent­ing a Rnd­sqr home will make de­sign-ori­ented in­ner-city style more ac­ces­si­ble, bring­ing more peo­ple into the ur­ban com­mu­nity and ad­dress­ing a shift in the mar­ket­place.

“About 18 months ago, we talked about the op­por­tu­nity to keep our build­ings, so that in­stead of peo­ple need­ing hun­dreds of thou­sands of dol­lars to live with us, they only needed a thou­sand dol­lars to be with us” says De­vani. “We felt that we could re­tain own­er­ship of our build­ings and still pro­vide our high level of scale and de­sign and still en­gage the com­mu­nity. This is how we in­tro­duced Rnd­sqr Life.”

Not a fan of the word “rent,” he calls it a “sub­scrip­tion-based model for life.”

A monthly sub­scrip­tion fee could in­clude ex­pe­ri­ences within the build­ing, like food or bev­er­ages from re­tail. Rnd­sqr’s Court­yard

33, launched ini­tially as a con­do­minium and cur­rently un­der con­struc­tion at 2240 33rd Ave. S.W. in Marda Loop, will be the first Rnd­sqr Life build­ing. The 56unit mixed-use de­vel­op­ment will be built around a unique pub­lic court­yard with monthly fees start­ing around $1,000 a month.

“The smallest unit is about 500 square feet and the largest in the en­tire build­ing is 940 square feet. About 60 per cent of the build­ing will be stu­dios and one-bed­rooms and the rest two-bed­rooms. We tried to cre­ate re­ally ef­fi­cient lay­outs and units which tai­lor them­selves to nat­u­rally more af­ford­able rates,” he says.

The street and court­yard lev­els of CY33 will house small busi­nesses to pro­vide ex­pe­ri­ences for the res­i­dents, rather than fa­cil­i­ties with low uti­liza­tion rates likes gyms, yoga stu­dios and dog wash­ing sta­tions.

De­vani says Rnd­sqr Life was born of a driv­ing force in the econ­omy, but there’s an­other trend afoot.

“Many peo­ple are not as con­cerned with own­er­ship nor do they want to ab­sorb the risks with it. Our goal is to help mit­i­gate those risks, pro­vide flex­i­bil­ity while still sup­port­ing their life­style. Home own­er­ship is not the only way to be in­vested and in­volved in a com­mu­nity,” he says.

The De­vani broth­ers, Alka­rim and Af­shin, CEOs of Rnd­sqr, want to bring more peo­ple into the ur­ban com­mu­nity. CHRISTINA RYAN/FILES

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