Calgary rental market

[VicChung]

Hi Everyone,

My rental leases expire between the month of April-September. I have been out of the rental market since last September. January is the time of the year when I am trying to get a feel of the demand in the Calgary market. My research involves doing comparables on rental sites and newspapers. In addition, I would like to ask others who have been renting in the last few months, what their views are? My properties are located in downtown and in the South West of Calgary.

Regards,

Vic

 

[EdRenkema]

QUOTE (VicChung @ Jan 17 2010, 12:58 PM) Hi Everyone,

My rental leases expire between the month of April-September. I have been out of the rental market since last September. January is the time of the year when I am trying to get a feel of the demand in the Calgary market. My research involves doing comparables on rental sites and newspapers. In addition, I would like to ask others who have been renting in the last few months, what their views are? My properties are located in downtown and in the South West of Calgary.

Regards,

Vic

My sister and b-in-law have a house in Calgary NW residential neighbourhood near UW, all they did was put a sign in the front yard since Christmas and nothing then.
Today she tells me they`ve had 6 calls and several viewings booked in the last week.

 

[Thomas Beyer]

Alberta market is weaker and rents lower than a year ago .. but all manageable ..

budget twice the vacancy you used to have .. and rents 5-10% lower !

Should pick up significantly in the fall when interest rates go up again !

 

[RedlineBrett]

QUOTE (ThomasBeyer @ Jan 17 2010, 04:31 PM) Alberta market is weaker and rents lower than a year ago .. but all manageable ..

budget twice the vacancy you used to have .. and rents 5-10% lower !

This is pretty close.

Our rents are down a little more than 10%. Things are definitely getting better but renters have a lot of choice out there. You know all those new condo developments? Well, they are all apartment buildings now... lol. So it will take a year for that supply to be absorbed.

This is one advantage of having a portfolio of suited houses rather than apartment buildings or condos... Certain types of tenants need a garage or backyard and those types of properties have fared MUCH better than 1 or 2 bedroom units right downtown.

 

[JDaley]

If you own suited bungalows/homes in and around the downtown seem to be doing better than multiplexes in Calgary. With so many new condos flooding the market in Calgary, most are being rented. This is putting a significant pressure downward on the rates of multiplexes. Suited bungalows typically offer more but are more expensive unless you purchased before 2005. If you purchased your multiplex during the boom I`m afraid you`ve lost quite a bit of your asset value and aren`t likely to make it back anytime soon. Worse, if you purchased during the boom when rents were $1500/unit or higher (for 2-3 bdrms), you`re lucky if you get $1200/unit today. I believe Thomas recently mentioned that Calgary has become too expensive as a rental market for apartments - I agree.