Toronto’s housing affordability crisis has spilled over onto Ryerson’s campus in the form of HOEM, the school’s newest and most expensive student residence yet.
The residence is set to open this fall, its cheapest option for students being a four-occupant apartment costing a little over $1,400 per person per month.
“The development of a new residence building is necessary. However, the key piece that Ryerson students are looking for is affordability,” said RSU President Susanne Nyaga. “Although there are some great amenities in this building, I think students would have been willing to forego a gym if that meant a more affordable price.”
HOEM is the product of a partnership between Ryerson University and Canadian Student Communities Inc. (CSCI)
Matthew Stein, CSCI project manager, told the Ryersonian that the price was decided based on value and neighbouring market prices.
“We asked ourselves, ‘Are we delivering the value for which we’re charging?’ and we believe we are,” Stein said.
However, there are alternatives in the area with lower price tags.
Off-campus student residence Campus Common is a popular choice for Ryerson students. Its cheapest option is a three-bedroom unit for $895 per person per month. While Campus Common does not offer all the amenities and modern furnishings of HOEM, there are nearby listings that are comparable and yet, cheaper. For example, a two-bedroom apartment at the nearby Karma Condos costs $2,850 in total.
“(HOEM’s) rates are similar to the rates of renting in downtown Toronto … Overall, our campus needs more options for residence however, it needs to be at a student friendly rate,” Nyaga said.
“We already hear from students that the current residence prices could be better, so I don’t understand the logic behind increasing the cost. Additionally, Toronto is lacking in affordable housing, therefore, those students who choose to commute rather than live downtown are often heavily influenced by the high cost of housing in downtown Toronto.”
However, Ryerson president Mohamed Lachemi says the university has been fighting for years for lower rent prices, but that CSCI was responsible for the final price.
“This housing is a partnership. The building has been constructed and paid by a private partner,” Lachemi said.
“All we could do was try our best to lower (the price), but it’s not something that we have control over because it’s completely done and paid for by the private sector … We negotiated, we pushed very hard. However, at the end of the day, it’s their decision.”