The Edmonton rental market has been holding steady for the most part despite COVID-19, lack of mobility from immigration, post secondary students and corporate relocation.
We are however seeing a trend with single family homes that were renting for $1800 and above. We notice that most tenants are not renewing their lease or applying for this properties and vacancy rates has been going up. This is mainly due to this group of renters are suddenly in a position where they can purchase their own homes. Most of them has remained employed, did not spend in vacations, eating outs and kids activities which all contributed to saving a small 5% down payment for their first home. With low interest rates and easier mortgage qualification process, we are seeing most single family detached tenants preparing to purchase their own homes.
On the flip side we are also seeing investors from BC continuing to explore and make real estate investment purchases in Edmonton due to low affordable prices and steady return on investment. We feel the best type of property to invest in Edmonton remains to be properties with secondary suites (preferably with no basements) and townhomes in South West and West end of Edmonton.
We have prepared a current market rental rate chart by neighborhoods for your reference. Hope you will find it useful for your needs and please do feel free to share it with anyone and reach out to us before making an investment to find out what the property will rent for.