Being fully aware of rental market trends in a given area can be essential to ensuring your investment property continues to be valuable. Mountain Park Real Estate can provide superior guidance in this respect thanks to our extensive industry experience. Such experience is crucial when dealing with market challenges, such as those currently existing in the Edmonton market.
Rental Opportunities Decrease as Economic Woes Rise
Edmonton has seen an economic recession over the last few years, which has had quite an impact on rental availability and pricing. Many renters are contending with ongoing debt concerns, which greatly inhibit their ability to afford costly rentals. Coupled with increasing prices, this scenario has left both renters and owners in a bind.
With vacancies decreasing and rents remaining high, many residents are finding it difficult to secure affordable living spaces in the area. New construction has also slowed, for both rental properties as well as homes. Experts project that lags in construction will only increase rents further, thereby creating a serious issue for property owners.
The Search for Suitable Tenants Is Also Challenging
Many landlords in the Edmonton area are also having issues securing suitable tenants as a result of the above factors. Accordingly, some property owners are choosing to offer incentives to potential renters to decrease harmful vacancy rates within their buildings.
Unfortunately, such incentives can only go so far in a lagging economy. For those residents contending with increasing debt and job instability, pricey rental rates are simply not feasible until the economy improves and job become more plentiful. This poses a very real challenge to property owners in Edmonton, who are tasked with saving their investment from less-than-favorable economic circumstances.
Protect Your Investment With Our Help
Mountain Park Real Estate can help protect your investment in all types of economic environments. In addition, we also provide essential everyday assistance on everything from property maintenance to filling.