By rdnewsNOW staff

Signs point to stronger rental market in Red Deer: Report

Jan 23, 2019 | 1:27 PM

A monthly report analyzing the rental market across Canada paints a positive picture for Red Deer this year.

The report compiled by rentals.ca and Bullpen Research & Consulting shows the average monthly rent in December for a one-bedroom in Red Deer was down one per cent to $976, and the average December rent for a two-bedroom was up two per cent to $1,120.

Bre Fitzpatrick, Land & Economic Development officer for the City of Red Deer, said that while not based on statistical data they are seeing a more optimistic look at rentals in Red Deer.

“There appears to be fewer signs stating ‘free rent for first three months’ that we had seen in prior years, which indicates our landlords are seeing rentals filling in,” she said.

“We are hearing that renters with pets or who smoke are finding it more difficult to secure properties that will accept them as more renter options are available to landlords,” Fitzpatrick added, anecdotally.

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Fitzpatrick said construction will be finished on two new condos in the downtown area in 2019, and that there will be more construction in areas such as Vanier, Laredo and possibly Evergreen.

She cited Westpark and Bower as areas with strong and growing rental markets because they are close to Red Deer College and the Gary W. Harris Canada Games Centre.

“Millennials will face deeper challenges in qualifying as home purchasers as we look ahead in Red Deer,” Fitzpatrick believes, noting more rentals will be needed as Red Deer College transitions to a university.

CMHC has the vacancy rate for Alberta at 5.5 per cent in 2018, which is down from 7.5 percent in 2017.

by rdnewsNOW staff

Signs point to stronger rental market in Red Deer: Report

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