I was able to increase my rent by 6% in Calgary

[forzani]

I believe everyone here is waiting for some good news. I was just able to increase my rent by 6% in Calgary. The tenant was very happy to accept it. I also got calls from renters that higher class condos are very hard to find. When it becomes available on rentfaster.ca, it is gone.



My tenant informed to move out by the end of August, so I started to advertise the unit. At the same time, a rental pool in my building advertise their 2 bedroom for 1850/month. Considering I still have almost two months to find a tenant, I decided not to match the rental pool's price, rather, I asked $1890. My previous rent is $1760.



I got so many calls and was able to secure a tenant very quick. I feel it was much harder to get a tenant last year with $1760 then
this year's $1890. I probably should charge a little more. But it is
good enough.



Let's increase rent!!

 

[RedlineBrett]

That is good news... congratulations!



Can you give me a little more info on the type of property and the type of tenant?

 

[bizaro86]

Congratulations! That's a great story, and it sounds like you're getting a premium rent, which is always a good sign. I assume at that price you must have a unit in a newish high rise?



It's always nice to hear positive news. I definitely agree the rental market here is picking up, especially in "inner-city" type locations. I recently rented a unit I had expected to get $1200 for rent for $1250 in 3 days, with numerous applicants. I decided to ask the higher rent after I had 4 unsolicited requests to view the property from people in the building/neighbourhood while we were renovating. I have no idea how they all knew it would be a rental...



Regards,



Michael

 

[Goodstuff]

Finally some good news!!!



It has been a long wait but things might finally be turning around.



Good for you. Good for us!

 

[wgraham]

Nice work. We too just increased our rents across the board in YYC and you are right it is much easier to move product this year than last.

 

[forzani]

Thanks to everyone. I have got a lot of help from the REIN space in the past. That is the main drive to post my recent market observations here. I will continue to contribute whenever I have a chance.



Have a happy investment.