(EDMONTON, AB) Hope Street property management?s total active listing count has dropped by approximately 43% since January 1st 2016 and we are currently working with more prospective rental management clients than we have homes available for rent. The pace of rental homes becoming rented continues to gain momentum throughout Alberta, and particularly our property management offices Calgary and Edmonton (the two main cities) show the biggest spike. This buoyancy can be attributed to several factors: increased inward migration to Alberta due to seasonal preference, property management?s response to major domestic issues relating to the Fort McMurray evacuation, and the summer season makes moving into a managed rental home a more feasible task.
Migration to Alberta remains on a net positive basis with the province growing by approximately 2800 families during the last 30 days according to the conference board. While this pace has clearly slowed from the highs seen during the earlier part of the decade, people are still moving to Calgary and Edmonton particularly from other parts of Canada. For obvious reasons, this migration seems to increase in pace during the warmer summer months. Additional factors affecting migration relate to Syrian refugees who, at current count, number 3000 families living in Alberta. All of these factors contribute to the active rental market and tightening demand.
Fort McMurray evacuees continue to rent many short term residences in Edmonton and Calgary, with a major preference being Edmonton. Hope Street has assisted in the provision of emergency housing of over 15 displaced families. We anticipate a massive relocation back to the Fort McMurray area in the coming month, which will have an effect on the rental market by creating numerous vacancies - particularly in Edmonton but we believe the effects will be seen in Calgary aswell.
Finally, the abrasive winter months are over and many residential rental clients are preparing to move into new homes. This is a reoccurring condition and one that property management companies will have experienced on a regular yearly basis. We anticipate the seasonal breakdown can attribute 60% of rental move ins to be occupied during the summer months of June through August while the remaining 40% of move-ins occur throughout the rest of the year.
We stress that landlords should take note that now is a optimal time to list rental properties, as demand will spike and Calgary or Edmonton property management firms will have bludgeon client and wait lists.
Hope Street is an industry leading property management firm serving Calgary and Edmonton. Call our office if you would like to rent out your home.
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