Calgary Vacancy Rate

[MichelSelim]

I am wondering if anyone knows what is the Calgary Rental Vacancy Rate at this time of the year. The reason I am asking is that I have some vacancy and I am not getting the response I used to get using the same ad, on the same websites (posted on multiple web sites).

Any idea or feedback on how the market is doing?

Thanks,

 

[cmattric]

Just saw on Calgary Herald, CHMC surveys for April %5.3.
I cannot comment on this month though.
QUOTE (MichelSelim @ Jun 16 2010, 11:11 AM) I am wondering if anyone knows what is the Calgary Rental Vacancy Rate at this time of the year. The reason I am asking is that I have some vacancy and I am not getting the response I used to get using the same ad, on the same websites (posted on multiple web sites).

Any idea or feedback on how the market is doing?

Thanks,

 

[stevestein]

I have a property in Forest Lawn and I am having lots of calls on it, Maybe its your ad or the property
Do you have any details on your property and the ad that you have listed?
Post it on here and then we can check it over help you out.

 

[ChrisDavies]

You can download the Spring 2010 Alberta Hilights here (PDF).

 

[DaveRhydderch]

From CHMC

http://www.cmhc-schl.gc.ca/en/corp/nero/ne...-06-15-0815.cfm

Vacancies are creeping up. With low interest rates, this makes sense. Still, 5-6% is 1 in 20 so you should still be able to find tenants. Just might have to work a little harder.

 

[JimWhitelaw]

I have a vacancy to fill right now and seeing the same thing - lower responses than previously and prospective tenants are telling me they have lots of inventory to choose from.

 

[Thomas Beyer]

QUOTE (MichelSelim @ Jun 16 2010, 10:11 AM) Any idea or feedback on how the market is doing?
Vacancy around 10% and rents 10% lower than a year ago .. more or less .. thus: set realistic rents and be creative in your ads and expect to spend some money on e-ads & flyers @ Safeway, coffee shops, UofC bulletin boards or whatever community meeting halls are near you and allow it !

 

[DaveRhydderch]

QUOTE (ThomasBeyer @ Jun 16 2010, 11:35 PM) Vacancy around 10% and rents 10% lower than a year ago .. more or less .. thus: set realistic rents and be creative in your ads and expect to spend some money on e-ads & flyers @ Safeway, coffee shops, UofC bulletin boards or whatever community meeting halls are near you and allow it !


Good ideas. And now is more important than ever to treat your tenants like gold.

 

[JDaley]

Vacancies have (offically) edged up over 5% (but are likely much higher) and apartment rental rates are dropping.

 

[RedlineBrett]

QUOTE (JDaley @ Jun 21 2010, 04:15 PM) Vacancies have (offically) edged up over 5% (but are likely much higher) and apartment rental rates are dropping.

This won`t get any better for this type of product either... New condo buildings are very highly tenanted (some at 50% or more) due to speculators being unable to sell and left with little recourse other than renting them out.

Other developers are between a rock and a hard place... go broke holding a piece of land or risk building out and hope your units sell... the city is quick to approve these projects due to the tax revenue they receive and the affordable housing benefit due to the push down effect on lower quality product - Tough for apartment building owners to compete with a brand new condo unit in the same area.

Other rental stock isn`t doing quite so bad - suited properties in good areas are renting well as are townhouses and small houses close to the LRT.

 

[neill]

We are in Airdrie, and have some rent erosion (started a year ago or so), although nothing fatal. Supply appears to be a bit stable, although with 400+ listings there may be some vacant property out here that re-enters the pool after listings expire.

+1 for what Brett says - suited product has steady traffic and demand.

 

[Berubeland]

Here in Toronto I have noticed a big difference since April. In April as you all know the rules changed for first time buyers. I lost two of three tenants of the condos I manage. They both bought houses. I started renting them as soon as I knew that they were going to be empty. I tried to get a little more money for the owner because he is cash flow negative on these condos. I failed. Not only that but it took an additional month to rent one and two months to rent the other. I even got the owner to make up bag signs for the area! I would have reduced the rent to get it rented faster but during that period the applicants who did come were pretty unqualified.

This same condo rented in less then one week in December while still occupied.

I have also asked different people I work with and they have also noticed some softness in the market. The higher price points stick around. I often ask my account manager at View it who does some of my advertising and he agrees. The good news is that going forward the rental market should rebound as people find it more difficult to buy and stay in the rental market longer.

 

[Thomas Beyer]

QUOTE (Berubeland @ Jul 1 2010, 02:54 PM) ...The good news is that going forward the rental market should rebound as people find it more difficult to buy and stay in the rental market longer.
why do you think that is ?