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Medicine Hat Landlords – Rents are Rising And Vacancy Rates Are Dropping

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Rents are Rising And Vacancy Rates Are Dropping

Good News For Medicine Hat Landlords But Don’t Drop Your Guard and Screen Tenants Carefully Including a Credit Check

A new survey of the Canadian rental industry was released by CMCH (Canada Housing and Mortgage Corp.) and it’s good news for Medicine Hat landlords.

The good news includes:

1. Rents Are Higher

According to the CMHC report if you want to rent a 2 bedroom apartment in Medicine Hat you will be paying an average of $739/month.

That’s more than a 3% increase ($30/month) over what you would have paid in 2013.

2. Vacancy Rates Are Lower

With the good news in the local economy, the vacancy rate is down from 4.4% in 2013 to only 2.7% this year.

Why Is This Good News Happening for Landlords?

According to the CMHC’s Pichu Kalyniuk it’s because the area is experience job growth.

With new job opportunities more people are moving to the area and they need rental properties to live in.

Those increases may not be reflected in the April numbers, according to Kalyniuk, though she did say increases appear likely.

In the last few years there has been a higher vacancy rate in Medicine Hat and that doesn’t provide a lot of incentive to raise rents,” said Kalyniuk.

Now that things are picking up, we would expect to see rents grow.”

With a vacancy rate of 2.7% we are still lagging behind many other cities and the Alberta vacancy rate is only 1.1%.

The average rent is $707/month which is the lowest of all the urban centres in our province.

The average rent in Lethbridge is $838/month while Calgary landlords are charging over $1150/month and Edmonton landlords are charging $1061/month.

Tenant Screening

It’s nice to read the good news but it’s not a reason to let your guard down when choosing who you rent to.

With more net migration coming landlords have a large group of good tenants coming.

There are also going to be some “professional tenants” who you want to avoid. It’s up to Alberta landlords to choose good tenants.

How Can I Make Sure I Rent to Good Tenants?

Make sure you run a tenant credit check when you screen your potential tenants.

When you run an Alberta landlord credit check you can see the financial history of your potential tenants and make sure they pay their bills on time.

How Can I Run Credit Checks on Tenants?

You can join the Alberta Landlords Association for only a one-time registration fee!

Then you can start running premium tenant credit checks for only $10/check from your own home computer.

It’s easy to do and you get your results in minutes!

Make sure you join and use certified tenant credit check companies so you can run safe and legal credit checks (and protect yourself).

Medicine Hat Landlords – It’s nice to read the good news for landlords here. Make sure you rent to good tenants (and avoid the professionals) with good tenant screening including an Alberta landlord credit check!

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