While some young professionals (YPs) in Toronto and Vancouver struggle to pay sky-high rent prices, others in Alberta are being showered with gifts to move into rental units.
As in, landlords are now trying to lure tenants with bonuses like complimentary housecleaning, groceries, free cable and Internet, and big screen LED TVs.
The trend comes at a time when the province has witnessed a dramatic shift in the rental market since a drop in oil prices.
Gone are the days of fighting over property in “The Energy Province.” Houses are sitting empty for extended periods of time, and landlords are also forced to drop rent prices in order to keep up with the competition.
According to Global News, many parts of Alberta had virtually no vacancy for nearly a decade. Gerry Baxter, the head of the Calgary Residential Rental Association, estimates that it’s now between 10 and 20 per cent.
Online rental sites have also seen their business spike, with a noticeable increase (roughly 40 per cent) in ads, according to Global News. The outlet also points to experts who say that the next big hit to the market could come in the spring, when many leases typically come up for renewal.
Not helping the cause, the rental supply also continues to increase as more of the province’s homeowners are renting their homes out instead of selling them at a loss.
In the meantime, if you’re in the market for a big screen TV, free Internet, and change of scenery, it could be right up your alley.
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