Calgary RENTAL prospects

[jwslam]

Ok I'm not really understanding what's going on in the rental market...

Based on two listings this month:

Listing 1: Listed Jan 1. Highland Park, older bungalow, upper level (another tenant in the illegal basement), 2br 1bath. Lots of RentFaster views, bunch of "is this available" inquiries, 10 showings with half flaked, nobody visiting "open house" set up for 3 hours on weekday night nor saturday afternoon.

Listing 2: Listed this morning. 30+ emails, 10+ phone calls. I have 10 groups lined up to come at 4pm today... Renfrew, older 1br/1bath apartment. In suite laundry, underground parking.

Umm... are we just bad at pricing or wtf is going on?

[tha_bandit]

doesn’t help that it’s the end of the month, i’ve experienced this in the past, half of them needed to move out before the first lol

[jwslam]

Well... half the 10ppl flaked.

How is it the 29th and people are looking for Feb 1... Do people actually live in a state where they don't know where they'll be living in 2 days?

[msommers]

Yes and it's usually not people you want as tenants.

Others have unique circumstances like relationships ending.

I'm definitely surprised by so many flaking. Supply must be catching up. Or you're priced at the top of their price range for that spec and most don't feel it's worth it.

[bjstare]

A bungalow with roommates vs an apartment w/ (presumably) heated parking? I can definitely see why one of those would be in higher demand than the other.

But, to answer your question, I'd say yes you might need to work on your pricing.

[ExtraSlow]

Lots of renters, live in a life of total turmoil.

[pheoxs]

Id guess people get desperate at the end of the month and are messaging a ton of listings and just booking whatever appointments they can get and then if they get a better option going to that one instead

[suntan]

Real estate best investment.

[max_boost]

Yyc re boom
Enjoy the high demand
Good luck
I’m just glad I no longer do that stuff lol

[gwill]

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Well... half the 10ppl flaked.

How is it the 29th and people are looking for Feb 1... Do people actually live in a state where they don't know where they'll be living in 2 days?

Not sure what's worst. Those who need a place in 2 days or those looking for 4 months down the road like you'll leave the place empty for longer then you need.

You did the right thing to get them to show up all around the same time as you know people run late, come early or no show.

Had one lady try and reschedule 4 different times. Told her to get lost.

[ExtraSlow]

Yes, as the landlord, you hold "open-house" times, not individual slots. Puts a sense of urgency on the renter, and respects your schedule.

[jwslam]

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Yes, as the landlord, you hold "open-house" times, not individual slots. Puts a sense of urgency on the renter, and respects your schedule.

Renting peak covid was awful. Me: schedule 1/2 hour time slots, so 6 showings in 3 hours.
Actual showings: just the first and last people. I hate people.

[msommers]

Yeah that sounds more representative of showings of the last 7-10 years. It's only recently that things have gotten crazy - never steady in Calgary, a shitshow on either end of the spectrum.

[Disoblige]

This is why you vet them via video call first before ANY showing. If someone isn't willing to do a 5 to 10 minute video call, then easy pass on even showing to you. It is in the interest of both parties to get all the easy questions answered and waste less time. Showings after the initial video call shows promise for both sides.

[suntan]

There's a shitton of places for rent. A lot simply aren't affordable.

[pheoxs]

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There's a shitton of places for rent. A lot simply aren't affordable.

Sometimes I want to just turn into a slumlord. Seeing a house on my street list for 2500 main floor + 1500 basement suite would be so nice to rake in. But then I remember how shitty people are in real life.

[msommers]

The more apathy tenants have for the outrageous prices you're charging on rent, the more likely they are to not give a fuck about your property. On top of the lackluster fucks they gave in the first place.

Slumlords I honestly don't know how they do it. To be able to not give a fuck is bewildering to me, also sounds nice in a way.

[suntan]

If it's listed then that guy is taking a bath on the property.

[SJW]

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The more apathy tenants have for the outrageous prices you're charging on rent, the more likely they are to not give a fuck about your property. On top of the lackluster fucks they gave in the first place.

Slumlords I honestly don't know how they do it. To be able to not give a fuck is bewildering to me, also sounds nice in a way.

My rental home got destroyed. I fixed it and sold it. Never again. People are pigs.

[ExtraSlow]

Residential ETF's exist if you are really bullish on that type of investment. I think people I like are disgusting pigs, and the people I don't like are worse. Gross.