Edmonton’s Rental Market 2024 and Beyond

Townhomes, duplexes, and single-family detached homes have all seen continuous increases in rental rates. Depending on the location and condition of the property, a half-duplex or townhome with three bedrooms and two bathrooms can rent for as much as $2200. The emergence of new properties and developments has kept rental prices from rising much, despite a minor increase in the cost of renting apartment-style units. However, because of their age, condition, and inadequate heating, basement apartments continue to be difficult to rent, particularly in older towns. Before these apartments may be rented for a greater price, they should be renovated to satisfy the demands of the market.

Edmonton has affordable housing compared to other significant Canadian markets. However, population growth has been raising Edmonton rental market rates, which is continuing in the second quarter of 2024. The vacancy rate in Edmonton has dropped across all property types from last year.

On the other hand, basement apartments that are being constructed in more recent markets to the southwest and west of Edmonton are getting positive feedback and are in high demand as long as they have decent parking alternatives. Keep in mind that a lot of people in Edmonton depend on their own cars, especially in newer areas where public transportation isn’t very good. Rental market in Edmonton is seasonal, and the spring and summer months have a big influence on rental velocity. Renewing their leases rather than moving out is a trend that we are witnessing more and more of this year. This suggests that there are less possibilities for rental properties in the city, which would lead to rental costs that are either higher or comparable to what tenants are now paying.

What does our Property Management company do to rent your property?

We are proud of our rental marketing results. Some highlights:

Premium Zumper & PadMapper Listings: Today’s rental industry requires online presence. We pay a lot each month to rank well on Zumper and PadMapper. As the premier rental property search tool, we want our listings to stand out.

24/7 Leasing Line: We know rental prospects have busy schedules and may want to lease a property anytime. Trained specialists answer questions and pre-qualify clients 24/7 on our leasing line.

Weekly Property Reviews: Rents change fast. That’s why our leasing team reviews every listing weekly. We keep up with market trends and local rentals to provide reliable information. Each property will be assessed to determine whether to cut the price or stay.

We aim to rent your rental property immediately. Our smart rental marketing protects your property.

What can you do to rent your property?

To put it briefly, you decided to work with us because we know how to rent out properties. We recognize that receiving advice you may not want to hear might be difficult, but trust us when we say we know what we’re doing. Price and condition are the two primary determinants of a home’s likelihood of renting quickly. Both of them are within our control, but in order to do so, we need your help. Please allow us to take care of painting the house if we recommend it. Poor quality draws poor quality tenants. To draw in the greatest renters, it must be immaculate.

In the end, we’re all on the same side and trying to achieve the same objective, which is to rent out your house as soon as possible for a reasonable amount. So let’s collaborate and have faith in the professionals to make it happen.