How is the rental market currently in Calgary?

[nonofyobiz]

Just curious how the rental market is in Calgary right now and what the rental rates are.... how much would like a 2 or 3 BR basement suite go for??

I'm thinking of making some changes.

[Marsh]

Pretty tight. Less than 1% vacancy. Haven't been a renter for a long time, so might have changed...but heard its not great.

Just a rough guess, but 2/3 BR basmt (not in NE) somewhere between $1500-2000. In NE, probably $1k.

[95EG6P]

the renting market is crazy now. My wife moms is renting her basement one bedroom for $1000 and it is in the NE :eek:

[heavyfuel]

Landlords got you by the balls and they can pretty much do whatever the fuck they want these days... They're basically tow truck drivers. The upside is that it can't last forever.

[mr2mike]

rentfaster.ca
look around.

[supe]

A friend just rented out a condo in Panarama, within 24 hours got 15 calls and was rented out the next day.

[JamMan23]

I currently rent a 2 bedroom (maybe around 800~ sqft) for $1100 in Deer Run. They are pretty fair, I got my lease renewal and it got bumped to $1110

[BigMass]

Originally posted by heavyfuel
The upside is that it can't last forever.

the majority of people living day to day don't have 5-10 years to grab dick and wait for economic trends and winds of change. It's rough out there. I just hope down the road when SHTF the government doesn't bailout the banks that are stuck with all these McTrumps that own 3-4 rental properties on massive leverage.

[heavyfuel]

Originally posted by BigMass


the majority of people living day to day don't have 5-10 years to grab dick and wait for economic trends and winds of change. It's rough out there. I just hope down the road when SHTF the government doesn't bailout the banks that are stuck with all these McTrumps that own 3-4 rental properties on massive leverage.

No doubt. I'd love to see my landlord struggle a bit. And one day I will. We all will.

[msommers]

Yeah it's still tough out there. A new girl started this week coming from Ottawa and is having a rough go at it and her budget is really reasonable and she isn't even looking downtown.

Some friends of mine recently bought a $500,000 house in Bowness and think they'll be able to rent the whole thing out for $3300/month, which will cover their mortgage and the rent they're getting charged now :nut:

I just don't get how landlords who buy homes with only 5% down can rent it out and make positive cash flow on it. I mean I know how but it's ridiculous that its gotten to that point. How are young people ever going to escape paying rent if they're paying more than what their mortgage would be otherwise? Have a roommate for the first 10 years while renting?!

[CapnCrunch]

Originally posted by msommers
Yeah it's still tough out there. A new girl started this week coming from Ottawa and is having a rough go at it and her budget is really reasonable and she isn't even looking downtown.

Some friends of mine recently bought a $500,000 house in Bowness and think they'll be able to rent the whole thing out for $3300/month, which will cover their mortgage and the rent they're getting charged now :nut:

I just don't get how landlords who buy homes with only 5% down can rent it out and make positive cash flow on it. I mean I know how but it's ridiculous that its gotten to that point. How are young people ever going to escape paying rent if they're paying more than what their mortgage would be otherwise? Have a roommate for the first 10 years while renting?!

I think you need a minimum of 20% down for a rental mortgage.

[Mitsu3000gt]

It is crazy right now. My brother just put up his below-ground 780 sq ft 2bdrm condo in Sunnyside up for rent, within 48 hours he had over 20 emails and people showing up at his door with first month's rent, damage deposit in cash, prepared rental paperwork, AND offering $100-200 more than he was asking. It is absolutely nuts. He had to pull the ad since he was getting too many emails, and just took the first 5-10 applicants to screen. It was rented by the end of the week for more than he was asking, and he turned away numerous people basically begging to rent the place for more than asking price.

I would hate to be in need of a place to rent right now.

[2Legit2Quit]

It's crazy in Red Deer as well, just moved into a new place at the start of July and you have to be aggressive to get a place these days. Apartments might be easier, but as far as house/duplex rental it was hard to even get a reply from the landlord some times.

[spike98]

Originally posted by CapnCrunch


I think you need a minimum of 20% down for a rental mortgage.

To buy one for the purpose of renting yes. But if its been your principal residence for a year or you were relocated for a job, you can rent a previous high ratio mortgage while still qualifying for a new one with only 5%.

[mr2mike]

Originally posted by msommers
Some friends of mine recently bought a $500,000 house in Bowness and think they'll be able to rent the whole thing out for $3300/month, which will cover their mortgage and the rent they're getting charged now :nut:

Show me where they can get $3300/month in Bowness?
Closest I could find is this place for $4500/month but no way this place was purchased for $500K.
http://www.rentfaster.ca/calgary-house-for-rent/bowness/bowness-beautiful-modern-103164

Closest would be $1500 up and $1500 down but who would pay that for Bowness when you can go closer to downtown with that rent?

I think they're dreaming a little.

[msommers]

CapnCrunch, I didn't realize that. I thought if you had one house that you live in (primary) and went to buy another for rental purposes, you could leverage your primary and put only 5% down.

I think they are dreaming a bit too honestly, I was absolutely shocked when she said how much they could get trying my best to keep a straight face. Apparently they don't even have possession yet and put up a feeler ad on rentfaster or kijiji and already had bites so who knows. But some people are absolutely crazy about Bowness and community atmosphere. I dunno, I don't get it.

[mr2mike]

You can rent the penthouse in St. John's off 10th St in Kensinton for $3K/month if you're so inclined.

Good for them if they can get renters for that much. I'd personally rather get a little less and have hassle free tenants that can afford the place and don't feel like they're being ripped off and treat the place like garbage.

[msommers]

I just looked in the area...there is a nicer place going for 2500 and includes the garage. And for 3400/month there is a sick place on the ridge up in Cougar Ridge which also includes the garage. I think they're insane but hey if some idiot is going to pay it so be it. I just think of a family that is going to drop $3000/month on rent and honestly they're not going to live in Bowness. It's not a bad area but I mean come on, they just arn't going to pick that area.

Yep I totally agree with your other statement. They're not dumb people so I know they'll screen quite well but there's always that risk of not feeling appreciated (Heavyfuelers lol).

[max_boost]

Hoping things calm down a bit in winter. I have a 1000sq.ft bungalow in Crescent Heights coming up. Thinking of renting it for $1800+utilities. I've been through the times where I have held an open house to screen tenants, had them offer to over pay, etc. etc. and also through the times of no e-mails for 2-3 weeks. Hoping to keep the streak of good tenants going!

[ercchry]

im out of the game for the foreseeable future... just finishing up some renos and down to one home... not 100% sure on the next move here, but it will be hands on whatever it is

[max_boost]

that's cray erch, you made a believer outta me with your posting and i'm gonna buy a condo now lol

[Sugarphreak]

...

[ercchry]

Originally posted by Sugarphreak
I feel sad... you were Mr. Landlord on Beyond

Do what I did... leverage hard and go big

basically :rofl:

just sick of the grind at work... i need a break, got the capital now to do something decent, but not enough to keep the properties AND do something decent... i'll get back to it later though. but parking money for years for decent passive gains isnt in the cards right now. go big... or be boring :poosie:

[Ven]

I keep my rents low purposely, it's paid bigger dividends in great long term clients and strong relationships. I don't have any of this landlord/tenant bullshit I always hear about. I don't even use those terms, I find them distasteful and a form of class bias. My clients get the respect and attention they/anyone should be entitled to in this kind of business relationship. We're partners in this and everyone shares in the risk and reward. I like that my clients aren't cash poor and can afford to save, have a nice car, and the other things everyone else wants in life, while living in a nice modern place that they really feel is a home and worthwhile place to grow some roots.

[CompletelyNumb]

Originally posted by Ven
I keep my rents low purposely, it's paid bigger dividends in great long term clients and strong relationships. I don't have any of this landlord/tenant bullshit I always hear about. I don't even use those terms, I find them distasteful and a form of class bias. My clients get the respect and attention they/anyone should be entitled to in this kind of business relationship. We're partners in this and everyone shares in the risk and reward. I like that my clients aren't cash poor and can afford to save, have a nice car, and the other things everyone else wants in life, while living in a nice modern place that they really feel is a home and worthwhile place to grow some roots.

That mindset is rare among Calgary landlords.

I've been renting since I moved to Calgary. Landlord just informed me that they're selling the house, so I'm looking around. Lease is up Nov 1, with option to get out early due to the inconvenience.

And damn is it slim pickings right now.

[msommers]

Originally posted by max_boost
Hoping things calm down a bit in winter. I have a 1000sq.ft bungalow in Crescent Heights coming up. Thinking of renting it for $1800+utilities. I've been through the times where I have held an open house to screen tenants, had them offer to over pay, etc. etc. and also through the times of no e-mails for 2-3 weeks. Hoping to keep the streak of good tenants going!

Dude you could easily rent out your place for more than that. A lot more.

[heavyfuel]

Originally posted by Ven
I keep my rents low purposely, it's paid bigger dividends in great long term clients and strong relationships. I don't have any of this landlord/tenant bullshit I always hear about. I don't even use those terms, I find them distasteful and a form of class bias. My clients get the respect and attention they/anyone should be entitled to in this kind of business relationship. We're partners in this and everyone shares in the risk and reward. I like that my clients aren't cash poor and can afford to save, have a nice car, and the other things everyone else wants in life, while living in a nice modern place that they really feel is a home and worthwhile place to grow some roots.

That pretty much describes my landlord as well. My place could easily fetch $1500+ and I'm paying $1150. A $200 rent increase over 5 years? Sounds reasonable to me.

[FraserB]

Originally posted by max_boost
Hoping things calm down a bit in winter. I have a 1000sq.ft bungalow in Crescent Heights coming up. Thinking of renting it for $1800+utilities. I've been through the times where I have held an open house to screen tenants, had them offer to over pay, etc. etc. and also through the times of no e-mails for 2-3 weeks. Hoping to keep the streak of good tenants going!

Sell it to me outright in 18 months, CCR for 10% off market rate.:D

[max_boost]

Originally posted by heavyfuel


That pretty much describes my landlord as well. My place could easily fetch $1500+ and I'm paying $1150. A $200 rent increase over 5 years? Sounds reasonable to me. I thought you just said you hope he falls on hard times a bit lol

[max_boost]

Originally posted by msommers


Dude you could easily rent out your place for more than that. A lot more. haha ya maybe we will see. current tenants are paying a lot less but they have been so good over the years

[heavyfuel]

Originally posted by max_boost
I thought you just said you hope he falls on hard times a bit lol

That's cuz I'm a sadistic bastard lol

I have an interior door where an exterior door should be on my balcony that's bowed so bad from the weather that I had to unscrew the top hinge just to get it to close, and it's always excuse after excuse every time I ask him to fix it then the other day I seen him rolling down Memorial in the Supra I bought him and it was a beautiful day for fixing a door.

Good reasonable and professional landlord but never in a hurry to fix stuff like that. Frustrating big time.

[Ven]

Originally posted by heavyfuel


That pretty much describes my landlord as well. My place could easily fetch $1500+ and I'm paying $1150. A $200 rent increase over 5 years? Sounds reasonable to me.

And yet in the previous post you said you look forward to seeing your landlord struggle. Interesting attitude.

[heavyfuel]

Originally posted by Ven


And yet in the previous post you said you look forward to seeing your landlord struggle. Interesting attitude.

I'm not your tenant so don't concern yourself too much with my attitude lol he's a good guy the system just pisses me the fuck off and I'm not getting into it right now. I started matching my rent in rrsp's which is something I should have done a long fuckin time ago.

[msommers]

Ven's relationship with his tenants doesn't sound anything like your relationship with your landlord man! Broken stuff needs to be fixed, I don't get how landlords think it's just OK to do it later.

Like my old house I lived at with 3 other dudes, which was owned by one of the guys. The front door lock kept sticking while trying to unlock it and I mentioned it often, yet he just didn't seem to care (it wasn't obvious until we lived together that he's an incredibly cheap and selfish person). So finally I moved all my shoes, coats, backpacks etc to the backdoor where he came in, and as a result there was barely enough room to get in the door. Finally he decided to call a locksmith to change the front door. Couple weeks later I moved all my shit out in one day. Apparently he's still bitter about it :D

[spike98]

Originally posted by msommers
Ven's relationship with his tenants doesn't sound anything like your relationship with your landlord man! Broken stuff needs to be fixed, I don't get how landlords think it's just OK to do it later.

Like my old house I lived at with 3 other dudes, which was owned by one of the guys. The front door lock kept sticking while trying to unlock it and I mentioned it often, yet he just didn't seem to care (it wasn't obvious until we lived together that he's an incredibly cheap and selfish person). So finally I moved all my shoes, coats, backpacks etc to the backdoor where he came in, and as a result there was barely enough room to get in the door. Finally he decided to call a locksmith to change the front door. Couple weeks later I moved all my shit out in one day. Apparently he's still bitter about it :D

No shit man, pretty selfish of him to be pissed that a tenant moved out without sufficient notice. I bet you even showed him by not paying any rent in lieu of notice too! Good on ya.


Anyways...

There are a lot of butthurt people in this thread bitching and moaning about the price of renting. Its supply and demand. Period.

If you have an issue with it, there are plenty of ways to afford a home but of course to downsize into affordable housing would be terrible. And to save for the down payment instead of turbo's and LV wallets would be heartbreaking.

I own two homes and just sold my third. Im a great landlord and am reaping the benefits of this economy. I treat my tenants with respect and demand the same from them. I treat my properties like i live in them and wouldnt' do any less.

But does that mean i don't deserve to profit because of high rental prices? Fuck no. I didn't deserve to eat raman and watching VHS's on an old VCR while saving for a down payment. I did it because i knew one day, i could benefit from the sacrifice. And that doesn't make me any less deserving than anyone else.

[msommers]

Originally posted by spike98


No shit man, pretty selfish of him to be pissed that a tenant moved out without sufficient notice. I bet you even showed him by not paying any rent in lieu of notice too! Good on ya.


Anyways...

There are a lot of butthurt people in this thread bitching and moaning about the price of renting. Its supply and demand. Period.

If you have an issue with it, there are plenty of ways to afford a home but of course to downsize into affordable housing would be terrible. And to save for the down payment instead of turbo's and LV wallets would be heartbreaking.

I own two homes and just sold my third. Im a great landlord and am reaping the benefits of this economy. I treat my tenants with respect and demand the same from them. I treat my properties like i live in them and wouldnt' do any less.

But does that mean i don't deserve to profit because of high rental prices? Fuck no. I didn't deserve to eat raman and watching VHS's on an old VCR while saving for a down payment. I did it because i knew one day, i could benefit from the sacrifice. And that doesn't make me any less deserving than anyone else.

If you knew the shit he got away with because we didn't do proper documents rather word of mouth agreement when we all moved in, like all the sudden taking the garage space away from me one day without saying anything even though we agreed on it upon move in, or slacking on repairs like the fucking furnace in the winter, or eating my food and drinking my beer without asking often, or having food I'm massively allergic to in the house on multiple occassions knowing full well I could wind up in hospital...All the while "forgetting" that any of these issues had been discussed. Yeah I'm a huge asshole alright for leaving.

And actually I asked him if he noticed the money for next month's rent downstairs on his dresser and it was after that acknowledgement that I said I was leaving. Just happened to be out the next day. But hey good on you for making terrible assumptions. Whatever makes me you feel better, douche.

Another great assumption you made is that everyone struggling to form a proper downpayment is spending that money instead on BMWs and eating cavier every night while hating their landlord for charging them so much rent.

You sound like the wonderful landlord you make yourself out to be. Job well done :clap:

[ercchry]

just in case anyone finds this thread in the future... you dont have any rights as a roommate... there is a reason renting a room is massively cheaper than a house...

[msommers]

What kind of rights are you referring to?

I dunno it was when I first moved from home and into a supposed friend's house who I thought had a level of human decency. Live and learn.

Not that it matters now. I have a mortgage and looking to add another with the parents for a rental :dunno:

[FraserB]

Originally posted by ercchry
just in case anyone finds this thread in the future... you dont have any rights as a roommate... there is a reason renting a room is massively cheaper than a house...

And exactly why I'll have a roommate and not a tenant. All cash, no RTA and paying off my new car.

:clap:

[ercchry]

Originally posted by msommers
What kind of rights are you referring to?

any at all, at the end of the day if the "landlord" is in the same residence its what they say goes, period. it can suck, but thats how it is. you piss him off? he can put your shit on the lawn that night. just my PSA for the day... thats all :D

[TomcoPDR]

Originally posted by max_boost
that's cray erch, you made a believer outta me with your posting and i'm gonna buy a condo now lol

What's wrong with ur big house right on centre street, baller?

Or you just saying you've been convinced by the beyond landlord moguls 5% down, rent increase quarterly; can't pay gtfo, minimum $1,000 monthly cash flow or ur doing it wrong.

[max_boost]

Originally posted by FraserB


And exactly why I'll have a roommate and not a tenant. All cash, no RTA and paying off my new car.

:clap: Hey Hey FraserB. You walk such a straight line how dare you ..... jk more $$$ for CCR lol :thumbsup:

[max_boost]

Originally posted by TomcoPDR


What's wrong with ur big house right on centre street, baller?

Or you just saying you've been convinced by the beyond landlord moguls 5% down, rent increase quarterly; can't pay gtfo, minimum $1,000 monthly cash flow or ur doing it wrong. I still got it man. Time to pick up an investment property at the peak of the real estate market lol i can average out my gains bro :rofl:

[TomcoPDR]

Originally posted by max_boost
I still got it man. Time to pick up an investment property at the peak of the real estate market lol i can average out my gains bro :rofl:

Jebus between you and your parents, would be scary if your family decided to owner occupied 5% down mortgages and start buying entire communities HELOCing from your primary.

[timdog]

I agree with the landlords on here that are saying they dont gouge their tenants. I rent out a condo in Mission and just recently increased rent by a little more than 5%, and it was the first increase in 3.5 years with the same tenants. the rent I charge is still fairly low for the area but it pays off to have trusted tenants that aren't itching to gtfo when the rental market slows down again. some of these slumlords are short sighted to jack up their rent during this temporary influx...

[mr2mike]

Someone told me once that you should increase your rent every year.
It doesn't have to be much. Even $50 to keep up with inflation. Otherwise, it gets taken advantage of, you're assumed to be out of touch, plus you become severely undervalued and the loss of the time value of money, etc, etc.

[rage2]

http://www.cbc.ca/news/canada/calgary/single-mom-s-rental-search-highlights-calgary-s-vacancy-crunch-1.2713140


According to a rental market survey released last month by the Canada Mortgage and Housing Corporation (CMHC), Calgary’s vacancy rate is tied with Edmonton as the lowest among major centres at 1.4 per cent.

Bryan Sali, a housing locator with the John Howard Society, said she knows how hard it is to find a safe and affordable place in Calgary right now.


“I've seen it on several occasions where you go into a viewing and there's a long lineup of people looking at a place and some of those people have cheques in hand for more than the asking price,” he said.


Sali said his agency and many others just can't compete with that.

[Manhattan]

^


"Sharon Stevenson had been looking since April, even checking Kijiji ads by the hour, trying to find a bigger home for the growing family — her 16-year-old daughter just had a baby. "

Is this typical? :dunno:

[pheoxs]

Originally posted by mr2mike
Someone told me once that you should increase your rent every year.
It doesn't have to be much. Even $50 to keep up with inflation. Otherwise, it gets taken advantage of, you're assumed to be out of touch, plus you become severely undervalued and the loss of the time value of money, etc, etc.

I think it depends, if they're good renters that pay on time and take care of the place I just keep my rent as is for however long they're there. If they left then id bump it up and relist it.

I'd rather lose the 50$ a month and have people that I know how they treat the place than bump rent, risk them moving out and getting the place trashed. 600$ (minus taxes) a year isn't a huge deal

[nj2Type-S]

how is the rental market nowadays compared to a few months ago? my wife and i would like to rent out our duplex in a couple of months. here are some details of our property:

- in bridlewood
- built in 2006
- duplex (only 1 shared wall)
- 1350 sq ft
- 3 bedrooms
- 2 1/2 baths
- single attached garage
- undeveloped basement
- includes fridge, oven, washer & dryer, dishwasher
- unfurnished
- utilities not included

how much do you guys think i can ask for? the last unit in our complex got rented out for $1760/month as per rentfaster.ca, which i think is pretty fair. i'm jut too sure what the market is like right now.

how do you guys screen your tenants? this will be our first time being landlords.

[msommers]

Depending on how updated that is $1,800 seems reasonable given the size and garage space :thumbsup:

[nj2Type-S]

edit: it was built in 2006.

[joegrang]

Does it seem like $2K is the magical number for renting a 2 BR DT condo? It seems like most stuff above that just sits forever. Sure you will get the few tenants that are in on the companies dime for a year or so but nobody thats really a long term tenant (3 yrs or longer).

I guess when someone has enough money to pay 2K for a rental they might as well consider purchasing a place with the low rates.