Edmonton Vacancy Rates Rise

[PaulPoulsen]

http://www.edmontonjournal.com/Edmonton+ap...2473/story.html

I love the tone of this story. "Vacancies are rising! Rents are moderating!"

When the uninitiated and unsophisticated start freaking about about Edmonton`s soaring vacancy rate, remind them that 2.4% is very, very low. Rents also increased by almost 7.5% between October `07 and October `08.

We just rented a 1-bedroom condo on 82nd Street in less than 10 days. I`m embarrassed to tell you how much we got for it.

The point of this post is this: People are still scrambling for places to live.

 

[ZanderRobertson]

Yes, still really strong, but worthwhile considering is the glut of condos coming onto the market that won`t be absorbed therefore more rental units available. Still, i`m with you on this, even with more condos coming on the market what happens to vacancy rates? 5% maximum?


QUOTE (PaulPoulsen @ Dec 12 2008, 11:03 AM) http://www.edmontonjournal.com/Edmonton+ap...2473/story.html

I love the tone of this story. "Vacancies are rising! Rents are moderating!"

When the uninitiated and unsophisticated start freaking about about Edmonton`s soaring vacancy rate, remind them that 2.4% is very, very low. Rents also increased by almost 7.5% between October `07 and October `08.

We just rented a 1-bedroom condo on 82nd Street in less than 10 days. I`m embarrassed to tell you how much we got for it.

The point of this post is this: People are still scrambling for places to live.

 

[ChrisDavies]

QUOTE (ZanderRobertson @ Dec 12 2008, 11:11 AM) Yes, still really strong, but worthwhile considering is the glut of condos coming onto the market that won`t be absorbed therefore more rental units available. Still, i`m with you on this, even with more condos coming on the market what happens to vacancy rates? 5% maximum?

There`s also value in considering the types of tenants you`re going for. I buy older townhouses, where my tenants are less likely to move towards the newer units. (some will, but there`ll also be lower tenants moving up to my units)

I mentioned to someone the other day, we have buildings where advertising in the Sun is the most effective channel. Why? They`re lower class, don`t own a computer, and they buy it at work for the Sunshine Girl!

 

[kennicoll]

QUOTE (ChrisDavies @ Dec 12 2008, 01:36 PM) There`s also value in considering the types of tenants you`re going for. I buy older townhouses, where my tenants are less likely to move towards the newer units. (some will, but there`ll also be lower tenants moving up to my units)

I mentioned to someone the other day, we have buildings where advertising in the Sun is the most effective channel. Why? They`re lower class, don`t own a computer, and they buy it at work for the Sunshine Girl!

still looking for tenants in a suite 1br in queen mary park thanks for the insight on the "soaring vacancy rates " cheers ken