Executive Strategy Briefing

Rental Benchmark & Comp Matrix

Cross-comparison of Lepine Eastern Ontario comps against PPH Taylor & Carter Residences (Claramount Club) and PPH West Meadows Horizon 1/2.

Port Picton Homes
Date: August 13, 2026
Source: Innocapital / Fred Harris
PEC Avg Income
$87,900
+22% vs Smiths Falls
Renfrew Achieved PSF
$2.85
190 Units Achieved
PPH WM H1/2 Moat
$1,763
2BR vs $3,248 Lepine
CMHC Takeout Lift
+$2.02M
At +$125/mo on H1/H2

1. Market & Demographic Comparison

Economic comparison validating tenant depth and rental purchasing power in Prince Edward County vs. Lepine benchmark markets.

Market / Geography Population Avg Pre-Tax Income After-Tax Income Amenity Benchmark Applicable PPH Project
Prince Edward County (PEC) 25,704 $87,900 $73,500 Waterfront Resort / Private Club Taylor & Carter / WM H1/2
Renfrew County (Lepine) 106,365 — $80,700 Pool, Spa, Lounge, Gym Direct Comp for Claramount Club
Smiths Falls (Lepine) 9,254 $72,100 $61,200 (med) Gym & Lounge Only (No Pool) Direct Comp for WM H1/2
Core Realization: Prince Edward County is 22% wealthier than Smiths Falls. If Lepine achieves $2.53–$2.95/SF in Smiths Falls and up to $3.07/SF in Renfrew, PPH assets have equivalent or higher rental pricing power in Picton's supply-starved market.

2. Luxury / Club Rental: Taylor & Carter vs. Lepine Renfrew

Comparing achieved rents at Lepine Renfrew (resort amenities) to PPH Taylor & Carter Residences at The Claramount Club.

Unit Type / Category Lepine Renfrew (Actual) Lepine $/SF Taylor & Carter SF PPH Proforma Rent PPH $/SF Strategic Realization & Action
1-Bedroom Standard 826 SF · $2,513 $3.04 673–803 SF $2,300–$2,500 $3.11–$3.42 Strong alignment; validates $2,300+ baseline
1-Bedroom + Den 917 SF · $2,649 $2.89 753–943 SF $2,600–$2,750 $2.91–$3.45 Direct market validation for $2,600–$2,750 range
2-Bedroom Standard 1,177 SF · $3,248 $2.76 990–991 SF $3,200 $3.23 Captures same $3,200 check with 186 SF leaner footprint
Corner / Terrace 2BR 1,294–1,342 SF · $4,116 $3.07 1,071 SF $3,400 $3.17 Opportunity: Premium suites can test $3,650–$3,850/mo
Amenity Access Model Pool/Gym/Lounge Included Claramount Club Spa, Pool & Dining Bundle $36k/yr Club membership directly into gross lease
Claramount Club Recommendation: Lepine bundles pool and lounge amenities into headline rent. Bundling Claramount Club access into Taylor & Carter leases at $2,600–$3,850/mo captures top-tier downsizers seeking turnkey luxury without homeownership friction.

3. Purpose-Built Multi-Res: PPH WM Horizon 1/2 vs. Lepine Comps

Comparing PPH West Meadows Horizon 1 & 2 (72 units) efficient layouts against Lepine purpose-built apartment benchmarks.

PPH WM H1/2 Layout PPH SF PPH Rent PPH $/SF Lepine Comp Size & Rent Lepine $/SF The "Affordability Moat" Advantage
Bachelor / Compact 1BR 469 SF $1,290 $2.75 Renfrew 1BR: 826 SF @ $2,513 $3.04 Sub-$1,300 rent has zero new-construction competition
2BR / 1-Bath (Corner/BF) 537–665 SF $1,504–$1,763 $2.65–$2.80 Smiths Falls 1BR: 841 SF @ $2,203 $2.62 Delivers 2-bed functionality at price of Lepine 1-bed
2BR / 2-Bath Interior 653 SF $1,763 $2.70 Smiths Falls 2BR: 1,249 SF @ $3,243 $2.60 Saves tenant $1,480/mo vs Lepine while holding $2.70/SF
2BR / 2-Bath Corner 665 SF $1,929 $2.90 Renfrew C2BR: 1,294 SF @ $3,650 $2.82 Sub-$2,000 corner 2BR drives rapid initial lease-up
Horizon 1/2 Value Creation: Because PPH WM H1/2 offers 2-bedroom units at $1,763/mo (nearly half of Lepine's $3,200+), PPH has headroom to optimize base rents by +$125/mo per suite ($1,875–$2,050/mo). Across 72 units, this generates +$108,000/yr in gross revenue and adds +$2.02M in CMHC takeout value.

4. Institutional Lease Terms Benchmark

Key structural lease mechanics utilized by Lepine to de-risk portfolios and maximize net operating income.

Operational Feature Lepine Practice Current PPH Model Recommended PPH Benchmark Value & Risk Impact
Lease Duration 3 to 5 Years 1 Year Standard 2 to 3-Year Initial Terms Eliminates turnover friction; de-risks CMHC stabilization
Rent Escalator 3% Built-In Annually None modeled 3% Contractual Annual Escalator Compounds NOI by ~9.3% (Yr 3) & ~15.9% (Yr 5) automatically
Utility Metering Tenant pays Hydro & Water Suite electrical planned Electric Heat Pump + Sub-Meter Water 100% utility inflation pass-through to tenant
Leasing Incentive Commissions scale on rent Standard fee Tiered Bonus on Rent Beats Aligns leasing team to push upper-quartile lease rates

5. Actionable Implementation Matrix

Prioritized action items based on GOHBA and Lepine rental comp intelligence.

Timeline Action Item Target Asset Expected Value Impact
Immediate Bundle Claramount Club Fee in Gross Rents: Market Taylor & Carter suites at $2,600–$3,850/mo all-inclusive club living. Taylor & Carter Eliminates $36k/yr fee uncertainty; accelerates lease-up.
Immediate Update Investor Package Naming: Strip all legacy "CityFlats" references; rebrand as Port Picton Homes – West Meadows – Horizon 1/2 (PPH WM H1/2). PPH WM H1/2 Restores clean 100% PPH ownership narrative for equity partners.
Next 30 Days Adopt 2-3 Year Leases with 3% Escalators: Standardize multi-year lease agreements with 3% annual contractual rent bumps. All PPH Rentals Boosts lender underwriting confidence and 5-yr cumulative NOI.
Next 30 Days Test +$100 to +$150/mo Rent Lift on Horizon 1/2: Underwrite H1/H2 at $1,875–$2,050/mo for 2BR suites in CMHC models. PPH WM H1/2 Adds +$2.02M in appraised CMHC takeout valuation.
Strategic Incentivize Leasing Team on Rent Beats: Create commission tiers for Elyse @ ReMax / leasing agents securing leases above proforma baselines. Claramount & WM Directly captures the rent upside seen in Lepine Renfrew.