The Calgary Home Rental Market Is In A Low Inventory Situation As Of July 1, 2022.
It’s a Landlord’s Market.
What is the number one reason we are seeing such a large decline in Home Rental Listings on Rentfaster.ca? Local Real Estate Investors are selling into the hottest seller’s market Calgary has seen in years. The real estate investment cycle is no secret. People buy a property, rent it out for years and sell the home eventually when the time is right. To say the sun has been shining for Calgary Home sellers for the first six months of 2022 would be an understatement. Nice homes listed for sale on the local MLS® System have sold at prices well above previous market values. Supply and Demand rule most markets. The Calgary Rental Market is a Landlord’s Market, Tenant’s Market or a Balanced Market at any given time. Calgary is favouring Landlords in 2022. Markets change slowly over time, so we expect to see higher rents and lower inventory continue in the near future.
If you are a tenant looking to rent a property in Calgary, you have lots of competition from other tenants. Landlords are flooded with applications to lease rental properties. Very few homes and lots of applications mean two things. Number one is Landlords have choices. Number two is how can you stand out from the crowd.
We have spoken with several Calgary Landlords, and we can offer you a few tips on what landlords are telling us in 2022.
- Emails received requesting to see a property without providing even the basic information on yourself get deleted right away. Landlords in Calgary are receiving long detailed emails from more than enough other applicants, so they will not spend any time chasing information on you. You are being evaluated from the first email you send. More information will help move you to the landlord’s shortlist. Why are you moving? For how many people? Pets? Occupations? Current Landlords Contact Info? Move-In Date Needed? For How Long are you looking to rent?
- Landlords will Google Your Name, Phone #, Employer, Past Landlords and Addresses. Will your social media profile help or hurt you? Do you have a professional profile on Linkedin? Best to Google yourself and see what a landlord will see. Would you rent to you?
- Landlords verify everything before giving you the keys to a property worth hundreds of thousands of dollars. While you are trying to convince a landlord to rent to you, the landlord is looking for reasons not to rent to you. It’s nothing personal. You are just getting beat out by your competition.
- Landlords, at the end of the day, only want the rent paid with zero excuses ever. They want the property returned when you are done renting it in the same or better condition you received it in. They want what is called Low Maintenance Tenants.
The Calgary Rental Market will switch to a Tenants Market where Landlords start competing against each other for good quality tenants, but not anytime soon.
So, if you are a Tenant looking to rent a home in Calgary, be prepared to beat your competition. It’s not you versus landlords; it’s you versus other tenants!