Monthly Rental vs. Life Lease

Monthly Rent Model

• • • Typically characterized by a monthly fee/rent
    • Monthly rental fees typically include, but are not limited to;
      • Utilities
      • Amenity space
      • Water
      • Taxes
    • Relationship between tenants and landlord is captured in a formal rental lease agreement upon admission, under the Residential Tenancies Act.
    • Typical suite sizes range in square foot between 600 and 900 square feet, with studios less than 600 and two-bedroom units above 900 square feet.
    • Monthly rent rates can vary between suites, buildings, and operators/landlords.
    • A table of current (2022) monthly rent rate ranges has been provided below for your reference

 

Current Local Rental Rates

• • • Insert table(s) from prospective local market feasibility study, soon to be completed

 

Life Lease Model

• • • The buyer purchases an interest in the property/building – which gives the buyer the right to occupy a unit for a long period of time, often for their lifetime.
    • Relationship between the life lease occupant and owner is captured in a formal agreement referred to as a Right to Occupy Agreement
    • It is the right to occupy the life lease unit that is purchased and sold and prices can vary between $200,000 to $500,000+
    • Most life lease programs include an administration retention fee, expressed as a percentage, upon the sale/transfer of the right to occupy.
    • Typical life lease suites include one-bedroom, one-bedroom with a study, or two-bedroom, of varying total square foot size.
    • Typical life lease suites range in square footage between 850 and 1,200 square feet.
    • Typically, life lease programs include a monthly maintenance fee, varying between a few hundred dollars to close to $1,000 per month and typically include ??

 

Life Lease and Rental Compared

Features	Rental	Life Lease
Own Property	No	No
Have Equity	No	Yes
Registered on title to land	No	Sometimes, but rarely
Pay Monthly Fee	Yes	Yes
Participate in Management	No	Sometimes.  Usually, an occupant council makes recommendation to the administration
Size	Smaller in square footage than life lease suites	Larger in square footage than rental suites
In-Suite Amenities	Typically, a lower standard, compared to life lease	Typically, a higher standard, compared to rental suites

 

Radiant Care’s Experience Operating Rental and Life Lease Projects

Pleasant Manor and Tabor Manor have provided rental and life lease accommodations to seniors for over 45 and 30 years, respectively, operating 304 rental apartment suites and 32 life lease units (at Pleasant Manor).

 

 

Supportive Housing vs. Retirement Home

Supportive Housing/Assisted Living vs. Retirement Home/Assisted Living

Feature	Supportive Housing	Retirement Home
PSW Supports	Yes, paid by the tax payer, no cost to tenant	Yes, paid by the individual
Medication Reminders	Yes, paid by the tax payer, no cost to tenant	Yes, paid by the individual
Meals	Yes, paid by the individual, full cost to tenant	Yes, paid by the individual
Housekeeping and Laundry	Yes, paid by the tax payer, no cost to tenant	Yes, paid by the individual
Security Checks	Yes, paid by the tax payer, no cost to tenant	Yes, paid by the individual
Portering	Yes, paid by the tax payer, no cost to tenant	Yes, paid by the individual

 

Radiant Care’s Experience Operating Supportive Housing Programs

Pleasant Manor and Tabor Manor have operated Supportive Housing Programs at each site, for over 25 years. Each home receives defined, annual budgets from the Ministry of Health to carry out a range of defined support services to seniors who have been deemed eligible to receive the supports through an assessment process.