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An Outlook of the Current Housing Market in Edmonton City

Edmonton city is one of the best places to live in Canada. https://apartmentlove.com/alberta/edmonton have hit the residential property news of late, thanks to the sweet deals most renters are offering in this city. The reason for the sweet deals is the increase in the vacancy rates in such property.

Most renters are now offering attractive incentives in for the rental apartments to capture the attention of potential tenants. The economy in this oil mining city has been rocked in the recent past, with many people opting to migrate to other cities or countries in the end. Oil prices have also dropped, creating little employment in the city, with many opting to move out of the city for greener pastures.

Such occurrences have created a large choice of rental property for potential apartment tenants. Also, some time back when there was a demand for apartments in Edmonton, many investors seized the opportunity and built more multi-family apartment units for potential tenants. It has now created an oversupply of rental property, leaving tenants with many options when it comes to looking for apartments.

 

Why Move into an Apartment in Edmonton City

First, there is a loosening vacancy rate in the Edmonton region. It is more of good news to tenants than bad news, since the vacancy rates, reported to be over 22% by the Canada Mortgage and Housing Corporation, are containing the high rental cost on apartments that was previously being experienced by others.

Secondly, there is an increased softening of landlords in a move to attract more clients to their property. A softening market has seen greater use of incentives, for example, a drop in hundreds of dollars in rental cost on many suites, others going for less than CAD 500, per month, unlike in other years.

Thirdly, to get the vacant apartments rented, landlords are incorporating things like free cable television and internet packages. However, most renters are still reporting that even with such packages in suites, some of them are taking the time to fill.

Finally, yet fundamental, is that as a tenant, you need to understand that the current economic slump in this city may not last long. During the boom period, the city is going to experience an influx of people in need of renting apartments and suites. Securing yours at this time is a good decision before the rents get hiked so as to serve the future market.