Lets talk about the Calgary home rental market - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

puckluck2 · 02-27-2013, 09:42 PM

Man, I have never seen the rental market like this in my life. Rental prices are sky rocketing and there is very high demand and low rental units available.

Had a basement suite put for rent last night and there were literally over 100 emails and phone calls in less than 24 hours. A lot were folks coming from out of province (mostly Quebec).

Did about 10 showings and about 8 of them wanted it and one even offered to pay more once he saw how many people were waiting to see it.

Just 2 years ago I rented the same basement for $700 and had problems finding people to even look at it. Now 8 people wanted it for $1000. A basement suite in Forest Lawn that's not even in great shape.

What is going on in Calgary?

photon · 02-27-2013, 10:19 PM

Apparently time to check my rental rates, thanks!

Knut · 02-27-2013, 10:22 PM

Yeah. Been re-assessing mine too.

Renting a 1 Bedroom in bankview for $1500 and a 1 bedroom + den in Mission for $1600. This is at least a $100 under market value based on rent faster. Considering the mission one is furnished there may be a big rent increase coming.

TheSutterDynasty · 02-27-2013, 10:28 PM

Quote:

Originally Posted by Hesla

Yeah. Been re-assessing mine too.

Renting a 1 Bedroom in bankview for $1500 and a 1 bedroom + den in Mission for $1600. This is at least a $100 under market value based on rent faster. Considering the mission one is furnished there may be a big rent increase coming.

So basically you could be earning money on a mortgage.

Travis Munroe · 02-27-2013, 10:30 PM

It has been real hot for a few months. I'm getting 1550 for a 2br condo in bridlewood... The crazy thing is so many of these rents are above mortgage and condo fee costs. I know certain people have credit or down payment issues and some believe in the rent vs own but to this extent is beyond me.

Knut · 02-27-2013, 10:34 PM

Canada mortgage rules having an impact ??

People that could get one a few years ago , can not anymore ?

Travis Munroe · 02-27-2013, 10:44 PM

I didn't notice it as much as expected. It shouldn't prevent someone from getting a mortgage but just reduce what they qualify for.

puckluck2 · 02-27-2013, 11:15 PM

Quote:

Originally Posted by Hesla

Canada mortgage rules having an impact ??

People that could get one a few years ago , can not anymore ?

I think this is definitely part of it, but I think the amount of people coming to Calgary from out of province is playing a bigger role in the rental boom. Just my opinion from reading emails and answering phone calls. My dad also has several rental units and he's been renting to pretty much all Quebecers for the last year.

corporatejay · 02-27-2013, 11:29 PM

Does anyone think that not having in-suite laundry would be a deal killer in the rental market? I'm considering a rental property and wondering if I wouldn't be able to get much considering there is no insuite laundry.

Knut · 02-27-2013, 11:32 PM

^ I haven't couldn't it that much of a priority as long as there is laundry in the building for use.

Travis Munroe · 02-27-2013, 11:49 PM

I would say it depends on the unit itself and who you are renting too. Renovated place looking to draw slightly higher end clientele vs more dated place looking to get someone on a budget. Realistically with how things are right now it most likely wouldn't matter either way.

Those of you with rentals, do you use a property management company or do it yourself?
Would you pay a few hundred dollar fee and 8 or so % of the rental income to have someone manage absolutely everything from getting someone in to the daily tenant issues?

karl262 · 02-28-2013, 12:05 AM

^ I've thought about it, and it might depend on how many rentals you have. I've just got 1 and it's pretty much care free so I would say no.

I had my tenant call me wanting to renew for another year. It's a 2 bed 2 bath 922 sq foot condo in panorama hills that rents now for $1650, I wonder if I should ask for more, and how much? It's furnished too.

Knut · 02-28-2013, 12:35 AM

I am looking into it. I have heard a condo management company can guarantee rent of certain amount, but there seems to be a bit of "too good to be true" to it.

red sky · 02-28-2013, 08:03 AM

I am noticing that houses are also selling a bit faster lately. Realtor 1, have you seen things picking up lately?

Red · 02-28-2013, 08:13 AM

Quote:

Originally Posted by Realtor 1

It has been real hot for a few months. I'm getting 1550 for a 2br condo in bridlewood... The crazy thing is so many of these rents are above mortgage and condo fee costs. I know certain people have credit or down payment issues and some believe in the rent vs own but to this extent is beyond me.

That is the norm, positive cashflow. Been like that for decades.
It's just recently when house prices outpaced rentals and you are hard pressed to break even.

Table 5 · 02-28-2013, 08:19 AM

I think if anyone is planning to live in a place for 2-3 years minimum and has the down payment, you'd be a fool to rent instead of buying.

Our mortgage condo fees are $300 cheaper than what we would be paying for rent...that is if we could even find something like this. It's pretty ridiculous how insane the prices for rentals are these days....and I don't really see that changing soon.

manwiches · 02-28-2013, 08:26 AM

It's been quite amazing for landlords this past year. I have a 2 bed 1 bath 700 sq ft 4th level walk up condo in Sunnyside that I rent for 1650 per month, not furnished. When I put it up for rental, I had 15 e-mails by the end of the afternoon, and 10 showings booked the very next day.

User Name · 02-28-2013, 08:27 AM

Does anyone have any recommendations for a property managment company? I'm going to be renting out my place in the future and would like to find a good one. I'm also going to put a bit into it to increase its rental value, does anyone know if any of these property management companies will help advise on which ones are best to make.

Thanks!

EDIT: Anyone care to share their property management fees?

albertGQ · 02-28-2013, 08:28 AM

Off topic, when did the OP change his handle to puckluck2? And why?

TheyCallMeBruce · 02-28-2013, 08:31 AM

Quote:

Originally Posted by karl262

^ I've thought about it, and it might depend on how many rentals you have. I've just got 1 and it's pretty much care free so I would say no.

I had my tenant call me wanting to renew for another year. It's a 2 bed 2 bath 922 sq foot condo in panorama hills that rents now for $1650, I wonder if I should ask for more, and how much? It's furnished too.

just my opinion, but if you have good tenants right now, I suggest keeping the rental price the same. Good tenants are hard to find.