CALGARY, Alberta--(BUSINESS WIRE)--Hope Street Management Corporation, an industry leader in high tech residential tenancy management releases spring 2017 report on Alberta’s private residential rental markets, which shows strong evidence that slumping rental rates in Alberta’s major centers have bottomed-out.
The data points to a shift in the province’s rental real estate markets, which have been in decline for the past 36 months. The current blended average list price for all types of rental homes in Edmonton is $1161, while Calgary’s average rate is $1469. Neither city’s rates have shown any significant decrease in the past 90 days.
According to Shamon Kureshi, Hope Street’s CEO and the report’s lead author:
“Private landlords in Alberta have endured a rough ride over the past 24 - 36 months, rental rates dropped while vacancy rates climbed rapidly.”
But he went on to assert that Landlords have reason to be optimistic when looking forward;
“Leading indicators suggest that there is cause for optimism in 2017 as rental rates appear to have bottomed out, and have been in a state of stability for the past 3 months - which is a welcome reprieve from the month over month declines throughout 2015 and 2016.”
Hope Street is an industry leading team of property management professionals currently serving Edmonton and Calgary, with a new office opening in Metro Vancouver shortly. Hope Street has about 75 team members and directly manages the tenancies of nearly 3600 people.
Read the full report for more details, multimedia, and commentary at https://hopestreet.ca/news/40