Hi Everyone,
Wow! are there ever a tonne of rental units available in Calgary this spring. So many first time buyers have left the renters world. Just curious to see how other landlords are making out. Have you had to drop your rent quite a bit?
I`ve recently lost GREAT long term tenants from two of my units and I can not believe what a hard time I am having finding quality tenants. My units are uniquely large and in very desireable areas of Calgary: Marda Loop and Tuxedo. I have to admit I am extremely fussy about who I rent to though as all my units are nicely renovated.
It seems the first question potential applicants are asking on the phone before even coming to look is "Are you negotiable on the rent?" It seems the individuals who got stuck with the condos they bought on spec and hoped to sell upon completion of construction are now finding themselves first time landlords -- and boy are they dropping their asking rent. I guess it`s better for them to at least subsidize a second mortgage they can`t afford than try to pay for the whole thing themselves while waiting for the unit to sell. My one tenant who left was able to negotiate a brand new downtown Calgary 4 bedroom, 4 bath townhouse with double car garage for... are you ready for this... $2000 a month.
I`ve been landlording since 2000 and have found that $1300 plus utilities has been the magic number for my renovated 1100 sq. ft, three bedroom inner city units. I would get multiple applications from quality professional singles and couples who work downtown.
Curious to hear your thoughts and experiences with whats going on in the current rental market. Also where most of you see this going.
I`m debating whether or not to continue searching for the perfect tenant or maybe testing the resale market with one or two of my inner city 4plex buildings (my units are condominiumized). I have to admit I`ve only been advertising for two weeks -- I know I know that`s not long but I`ve been spoiled over the last nine years I guess. I would usually get at least 5 - 6 quality applications within the first few days.
Wow! are there ever a tonne of rental units available in Calgary this spring. So many first time buyers have left the renters world. Just curious to see how other landlords are making out. Have you had to drop your rent quite a bit?
I`ve recently lost GREAT long term tenants from two of my units and I can not believe what a hard time I am having finding quality tenants. My units are uniquely large and in very desireable areas of Calgary: Marda Loop and Tuxedo. I have to admit I am extremely fussy about who I rent to though as all my units are nicely renovated.
It seems the first question potential applicants are asking on the phone before even coming to look is "Are you negotiable on the rent?" It seems the individuals who got stuck with the condos they bought on spec and hoped to sell upon completion of construction are now finding themselves first time landlords -- and boy are they dropping their asking rent. I guess it`s better for them to at least subsidize a second mortgage they can`t afford than try to pay for the whole thing themselves while waiting for the unit to sell. My one tenant who left was able to negotiate a brand new downtown Calgary 4 bedroom, 4 bath townhouse with double car garage for... are you ready for this... $2000 a month.
I`ve been landlording since 2000 and have found that $1300 plus utilities has been the magic number for my renovated 1100 sq. ft, three bedroom inner city units. I would get multiple applications from quality professional singles and couples who work downtown.
Curious to hear your thoughts and experiences with whats going on in the current rental market. Also where most of you see this going.
I`m debating whether or not to continue searching for the perfect tenant or maybe testing the resale market with one or two of my inner city 4plex buildings (my units are condominiumized). I have to admit I`ve only been advertising for two weeks -- I know I know that`s not long but I`ve been spoiled over the last nine years I guess. I would usually get at least 5 - 6 quality applications within the first few days.