Drewlo Holdings builds and manages premium living spaces in North America. In May 2021, Drewlo announced that it had won the Canadian Federation of Apartment Associations’ (CFAA’s) Rental Housing Provider of the Year award in the Under 15,000 Units category. The company won the award for its unique Rent.Save.Own. program.
Drewlo offers the Rent.Save.Own. program in partnership with Ironstone Building Company. Through it, Drewlo gives tenants at its properties $350 for every month they rent, up to a maximum of $10,000. The financial rewards go toward the purchase of a new home built by Ironstone. The objective of the program is to make it easier for residents to transition from tenants to homeowners. In selecting Drewlo, CFAA’s judges noted that the program was a creative solution that solved the challenges renters faced when moving to home ownership. They also credited it for rewarding loyalty and labeled it a win-win for the tenants and Drewlo. CFAA issues its awards every year to celebrate brilliance in Canada’s rental housing industry. The awards, offered in multiple categories, are open to housing providers, suppliers, and associations from all over Canada. The Rental Housing Provider of the Year award, in particular, recognizes individual or company landlords that demonstrate industry leadership through an exceptional action or initiative. The action or initiative can be exceptional because it improves standard practices in the industry, strengthens the community, reduces adverse environmental impacts, or for another reason. Judges evaluate applicants in this category based on how innovative and impactful their actions or initiatives are. To apply for a CFAA Rental Housing Provider award, landlords must be a CFAA member in the city or province where their building or company is located. The landlord can either be a member of CFAA directly or indirectly, through membership in a CFAA member association for that city or province. CFAA member associations include the Eastern Ontario Landlord Organization, Greater Toronto Apartment Association, London Property Management Association, Saskatchewan Landlord Association Inc., and LandlordBC. Housing providers seeking to apply must fill out an application form on CFAA’s website. They will need to provide such information as the name of the company or individual landlord, the address where the landlord’s action or initiative took place, and details on the landlord’s CFAA membership. Landlords will also need to disclose the number of units in their portfolio, the nature of their exceptional action or initiative, the impact it had on the community, the circumstances that led to its creation, and the impact it would have on the industry if more landlords did the same. CFAA uses a two-round process to judge applications. First is the open round, in which a panel of judges evaluates all entries and selects the leading ones. These entries proceed to the final round. In the final round, the judges assess the finalists and pick the winners, who are feted at an annual award ceremony. The judges are volunteer industry experts who have been cleared of any conflict of interest. Rental Housing Provider of the Year is only one of the awards the Rent.Save.Own. program has received since its inception. In 2020, for example, the program was recognized with an Innovation Award by the Ontario Home Builders’ Association.
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AuthorStuart Hansen is a respected real estate advisor who works with a team of experienced executives with links spanning China and the Asian markets. Archives
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