Rental Market in Edmonton for Single Family Slow?

[Brandon]

I have recently had a couple of vacancies and am finding the single family home rental market quite slow. I presume it is just the December January market and nobody wants to move. However, I have had to lower asking rent from 1800 to 1500 for one house, which in the spring/summer it would easily have rented at 1800 possibly 2000 per month. As I rented out a couple homes that were lesser quality for the same amount this year. Any suggestions?

I have it advertized on rentedmonton.com and rentfaster.ca currently.

On the other hand i have a 1 bedroom condo downtown in Oliver for 900 a month that seems easy to rent even now.

I was under the impression we were at a 1.1% vacancy rate, Is the rental market slow right now for anyone else for Single Family Homes?

 

[navaz]

Hello Brandon

I suspect the rental vacancy in Edmonton is edging up - but Russ has a great article on renting your units out and great marketing strategies -read and follow his advise

 

[Thomas Beyer]

correct .. same result with our 400+ apartments in Edmonton .. vacancies edging up .. but nothing unusual yet .. but more work required .. more shopping around .. and of course December and Jan are slow anyway .. so no need to panic .. just work and market a little smarter !

 

[RussellWestcott]

I find it quite interesting the perception some people have of the word `slow`. Edmonton rental market has come down from the absolutely unsustainable pace it experienced this past spring/ summer, or comparing it to last year when the Province has a GDP growth rate similar to China.

Interestingly to note at this `slow` time, Edmonton is still the envy of many markets across Canada. I guess it would be like saying Tiger Woods did not win his last 4 golf tournaments he played, he must be all washed-up.

I for one, am very much enjoying this `slow` time. It gives me some more time to take care of some clean-up projects, improve my management and buying systems, improve my marketing, strengthen the relationships with my team and tenants, line up a whack more JV capital, and buy more Real Estate during this time of increased inventory.

Right now is a great time to enjoy the process of buying Real Estate, I remember 3-4 years ago buying Real Estate when my Realtor would send me 20 properties to choose from, I`d analyze the numbers, pick 3-4 properties to write offers. Write some sharp offers, and complete all my Due Diligence in a calm and relaxed fashion, and close on time with no rushing and late fees. Albeit the prices are not the same as they were 3-4 years ago, but during that time the maximum rents I was getting on my properties was $650 - $700. Now the min. rent I getting on the same property is $1200.

Those times are again upon us... enjoy this time as when the next wave of projects (i.e. oil upgraders etc...) in the area kick in, things are going to get very very busy, and if you have your systems in place to handle this you will be in good shape.

Cheers

 

[DennisEpp]

As an Edmonton investor and an Edmonton resident I was going to add my 2 cents to a reply...scrolled down and read the reply from Russel. He could not of said it better...

regards

Dennis