Rndsqr rental division addresses market shift
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