July 7th, 2012
Is the Calgary Rental Market Continuing to Heat Up?
Yes. As demand for good rentals continues to rise, it’s becoming increasingly competitive for renters to find a place.
If a potential renter finds a nice rental property, they should expect lots of competition for it as other renters will also be applying.
How Stiff is the Competition?
For a one bedroom beltline rental apartment, one hundred and one applicants came to view it. Of those, more than fifty people filled out rental applications and submitted them to the landlord. There were then two interviews and a very strict screening process.
Who Got the Place?
The winner was Nicolas Gonzalez. Gonzalez compared the process to playing the lottery. He said that in the past he would simply show up for an advertised place, hand over money for the rent and deposit and be given the key. Things have changed fast.
How Can Tenants Gain an Edge?
According to the c0-owner of a company which helps tenants get into rental units, advertised places aren’t lasting long on the market.
Darren Paddock says the market is hotter than ever before and landlords receive a large number of people applying in a very short period of time.
What Does He Think is the Reason for the Hot Market?