Quote:
Originally Posted by Tron_fdc
Kinda odd, but I took a quick look at rental rates yesterday and it seemed to me like they were really high? I own a 3BR house in Bankview (built in 2004) and it looked like I can rent the thing for almost 4k a month???? WTF, that's almost double what I pay in my mortgage.
I'm tempted to go buy another smaller house and rent out the one I'm in.
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Rental rates for SFH have come back up slightly after the inventory drastically reduced (falling about 25-30%) in early 2010 (it appears that might be where a lot of this inventory on MLS is coming from).
Here's a look at the median price to rent a SFH in Calgary, using RentFaster.ca data...
Calgary SFH (median)
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[2010]
05: $1650
04: $1600
03: $1600
[2009]
12: $1550
11: $1600
10: $1600
09: $1600
08: $1600
07: $1650
It's been fairly stable overall though.
and here's 2 bedroom apartments....
2 Bedroom Apt (median)
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[2010]
05: $1098
04: $1095
03: $1095
[2009]
12 - $1099
11 - $1099
10 - $1100
09 - $1150
08 - $1150
07 - $1200
Personally I can't imagine how anyone could possibly see inner-city Calgary as a good rental investment, *unless* you were convinced that we're going to see the type of appreciation we saw over the past 6 years. The price to rent ratio for all of Calgary is sky high, but for the inner city it's downright ridiculous (300+). You can rent $500-$600k homes for $1600/month.