The coronavirus pandemic has made people wary about moving, and several Edmonton building and property managers have begun offering move-in incentives to entice potential tenants to sign leases.
Data from Rentals.ca suggests the average price of a one-bedroom unit in Edmonton is $1,045, which is less that it was at this time last year. However, Rentals.ca data also suggests prices have increased slightly since June 2020, meaning the rental market could be heating back up.
“The tenant demand has returned as the lockdown restrictions are ending in Edmonton,” Rentals.ca CEO Matt Danison told Daily Hive in a phone interview.
“However, due to fear of a possible second wave and uncertainty in the near future and long-term future, we’re seeing a little more conservative choices be made when it comes to renting housing.”
According to a recent national survey by Rentals.ca, half of respondents indicated they were looking for cheaper housing because of the coronavirus pandemic. That could be due to job loss, health concerns, or general caution.
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Danison also suggested the pandemic could bring change to apartment living. Some buildings have begun repurposing commons spaces such as media rooms and pool halls to become co-working spaces for residents at a time when many people are working from home.
“It’s really nice if you have kids running around to maybe go down to a phone booth or an area in the building where it’s quieter,” he said.
With so much uncertainty right now, it’s hard to predict where the rental market will be three or six months from now, Danison said.
But if you’re looking for a new place to live, there are some apartments around Edmonton offering incentives right now, according to Rentals.ca:
New tenants here can choose to have their rent lowered every month for 12 months, or have the third or sixth month of their tenancy be completely free.
This building is offering a signing bonus of $3,800 to anyone who moves in by August 15, 2020. Units start at $1,109.
This building on Broad Street is offering one month of free rent right now to new tenants. Units start at $1,180.
The landlords of this three-bedroom house near the University of Alberta are offering one month of free rent with a one-year lease.
This complex is offering a choice of either $100 off per month on a 12-month lease, or one month of free rent on a 13-month lease. They’re also throwing in free underground parking and 25% off cable packages.
This property in northeast Edmonton is offering one month of free rent to those who move in before August 1, 2020. They’ve also reduced the security deposit to $499, and are Telus TV and internet packages free for one year.
This building in west Edmonton is offering one month of free rent and a reduced security deposit of $250. Units here start at $950.
This building is offering two months of free rent for a limited time. It would, in effect, bring down the monthly rent of a one-bedroom from $1,414 per month to $1,212 per month.
Here you can get $100 off per month on rent if you move in by August 1, 2020. The property is also offering free internet and cable for one year, a security deposit reduced to $375, and a free iPad to those who sign leases. Units start at $1,039, and the complex has an outdoor pool in summer.