Rental Market in Fort Saskatchewan, AB (Edmonton Area)

[smack123]

Hi everyone,

Just wondering from those of you with properties in the Edmonton area, and more specifically in and around Fort Saskatchewan, what is the rental market like these days? I own an updated 30 year old bungalow in Fort Saskatchewan, and I have a PM company looking after it for me. The current tenants are leaving in June, and I am trying to decide if I should sell or re-rent. Will I have any trouble renting given current market conditions? Are rents dropping? Suggestions? It is currently rented at $1700/month + utilities.

Thanks!

 

[mcgregok]

QUOTE (smack123 @ Feb 24 2009, 03:41 PM) Hi everyone,

Just wondering from those of you with properties in the Edmonton area, and more specifically in and around Fort Saskatchewan, what is the rental market like these days? I own an updated 30 year old bungalow in Fort Saskatchewan, and I have a PM company looking after it for me. The current tenants are leaving in June, and I am trying to decide if I should sell or re-rent. Will I have any trouble renting given current market conditions? Are rents dropping? Suggestions? it is currwently rented at $1700/month + utilities.

Thanks!

Test the market. Put a free ad on KIJIJI and see how many phone calls you get.

 

[dannielsen]

I own a condo in Ft Sask, it is a 1 year old 2 bedroom, 2 bath with an underground parking stall. I just reduced the rent from 1650 to 1465 + Power. But to off set the decreased rent, I have rented the additional above parking stall for 85 a month extra.

There is still demand in the Fort for rental properties, buy they seem to want nice properties and they can be a little more picky as there is more inventory on the market.



Good Luck



Dan Nielsen

 

[smack123]

QUOTE (dannielsen @ Feb 25 2009, 01:56 PM) I own a condo in Ft Sask, it is a 1 year old 2 bedroom, 2 bath with an underground parking stall. I just reduced the rent from 1650 to 1465 + Power. But to off set the decreased rent, I have rented the additional above parking stall for 85 a month extra.

There is still demand in the Fort for rental properties, buy they seem to want nice properties and they can be a little more picky as there is more inventory on the market.

Good Luck

Dan Nielsen

Thanks Dan - any other comments or suggestions... Edmonton area in general?

If I can re-rent the house for July 1st at $1500-1600/month I`d be happy.

 

[mortgageman]

It seems 1/2 duplexes in Fort Sask are around $1500 to $1550. We have tenants who we are renegotiating with and have suggested $1600 because they have a dog.

 

[smack123]

QUOTE (mortgageman @ Feb 27 2009, 02:34 PM) It seems 1/2 duplexes in Fort Sask are around $1500 to $1550. We have tenants who we are renegotiating with and have suggested $1600 because they have a dog.


Interesting - Thanks Jason. It seems to me that based on the 2 scenarios identified that $1700 for a nicely updated bungalow with a finished basement and a double detached garage is still a reasonable expectation.

 

[mortgageman]

Keep in mind there`s lots of turmoil for workers at Scotford Shell these days. Lots of welders, etc. have been laid off or seriously cut back on overtime, living allowance etc. My tenant is a manager and has lost a seven percent living allowance and all of his overtime. Multiply that by however many guys are working at that plant and that`s a lot of scratch coming out of the local economy.

 

[VicChung]

QUOTE (mortgageman @ Feb 27 2009, 06:16 PM) Keep in mind there`s lots of turmoil for workers at Scotford Shell these days. Lots of welders, etc. have been laid off or seriously cut back on overtime, living allowance etc. My tenant is a manager and has lost a seven percent living allowance and all of his overtime. Multiply that by however many guys are working at that plant and that`s a lot of scratch coming out of the local economy.


I am located in Calgary and it seems like tenants are re-negotiating. It would be nice if REIN would provide data or share experiences of what the rental market is like currently? I have 8 properties and have not had to rent over the last year and might have to start re-renting again.


Do the tenants really have reasons to re-negotiate?

 

[mortgageman]

In our case we were getting $1795 for the 1/2 duplex. The lease is coming up for renewal in a couple of months. The neighbours who own the other half of the duplex offered our tenants rent of $1500 for their unit. We`ve suggested we`ll reduce our rent to $1600 and pointed out there are moving costs that will consume a good part of any rent savings between that unit and ours - even if the move is only to the other side of the wall.
So, as a landlord, the choice is to suck up the reduced rent to keep good quality tenants and not suffer a vacancy or take your chances on getting a new tenant ASAP before vacancy costs eat up any extra income from that new tenant.
It`s an easy choice in my opinion.

 

[PaulPoulsen]

QUOTE (mortgageman @ Feb 27 2009, 09:06 PM) The neighbours who own the other half of the duplex offered our tenants rent of $1500 for their unit.

Wow. I would be LIVID if the neighbour undercut me like that.