A lot has changed in the city of Toronto with the development of Laneway houses. With an increase in the population and the need to provide a solution to housing shortages, many are looking at Laneway houses as a great option. But, this brings up the question, “is the future of renting homes in Laneway houses?” Even though Laneway houses provide a solution to housing shortages, there are both advantages and disadvantages to having Laneway houses. Let’s dig deep into some of these advantages and disadvantages.
Advantages of Laneway Houses
Reduces rental housing shortage
A large number of the population living in different neighborhoods is of renters, but
due to housing shortages, many renters live in houses occupied by their owners. Laneway houses will greatly solve the housing shortage menace. Secondary laneway suites would increase that supply dramatically.
Tenants gain access to desirable, low-density neighborhoods
A lot of people are searching for other favorable options for living which include quiet neighborhoods and access to amenities such as schools and roads. If you can build a Laneway house on your property which is close to amenities, then you are likely to get a tenant. Laneway houses also allow you to add units to a neighborhood without having to put up a tower. Find out more about the benefits of Laneway home rentals to determine if it’s the best fit for you.
Disadvantages of Laneway Houses
They are expensive
There are a lot of people who need more housing and most renters need more affordable rental houses. Even as developers and architects continue embracing the construction of Laneway Houses, the cost of Laneway houses is going to be one of the many challenges encountered by most renters. This is because of the design used for these houses. While Laneway Houses seek to provide a solution to housing problems, the design flair of these houses is the one factor that makes it difficult for most renters to afford them.
Their construction process is not easy
It is true that the unique design of Laneway houses which are constructed in such a way that they sit both in the backyard of a house as well as the give an accessible Laneway at the front is a plus. But, building a Laneway house is not simple. It involves a long complicated process of getting a one-off approval given on a case-by-case basis which is very difficult.
Though the ultimate goal is to get as many of the Laneway houses built as possible there needs to be a straightforward planning approval process in place in order for many of the Laneway houses to be built.
The few people who have the time and money are the only ones who are able to navigate the system. These are either the architects themselves or those with enough money to hire the services of an architect. This means that most renters might not be able to afford to
own one of these beautifully designed sleek houses.
With proper planning and a clearer, simple process, Laneway houses will greatly benefit homeowners. This is due to the fact that Laneway houses have a potential to help out homeowners who are trying to budget around large mortgages earn more money and reduce utility costs. Building a Laneway house and renting it out, is also similar to renting out a basement apartment. The homeowner will not be losing privacy in the home to a tenant.