Hope Street Real Estate Corporation, an industry leading tenancy management firm specializing in residential rental management releases January 2019 report on Albertas private rental markets showing increases in residential rental rates throughout the province, and decreases in residential vacancy rates.
Edmonton area private Landlords observed the greatest gain with an average increase of 21% in asking prices for rental homes over the past 5 months. The average rental rate, blended for all types of advertised homes and condos in the metro Edmonton region, was $1368 per month at the January 15th, 2019 dataset. This amount represents a 21% rise over the past 5 months as the average rental rate in September of 2018 was $1126.
Calgary area private landlords similarly have reason to be optimistic with the average rental rate, blended for all types of advertised rental homes and condos, reaching $1671 per month at the January 15th, 2019 dataset. This amount represents a 13% rise in the past 5 months as the average rental rate in September of 2018 was $1481.
Calgary and Edmontons rental vacancy rates also edged down during the sample period to 4.1% in Edmonton and 3.0% in the greater Calgary area.
According to Shamon Kureshi, Hope Streets CEO and the reports lead author,
¦Rental rates appear to be on the rise, in part due to an increase in demand thanks to increasingly strict mortgage lending rules, a bottoming out of rental market pricing, and less new rental housing coming online.
Hope Street Real Estate Corporation is an industry leading team of property management professionals serving the Edmonton, Calgary, and Vancouver markets. Hope Street has about 50 team members and directly manages the tenancies of nearly 3600 people in Albertas major centers or surrounding communities.
Read the full report for more details, commentary, and historic perspective at https://hopestreet.ca/en/news/51.
For media inquiries:
Shamon Kureshi, President & CEO
Hope Street Real Estate
24/7 mobile: 403-462-6200