He said that while there may be some short-term incentives being offered by landlords, there would need to be a few years of weak economic conditions before rents slump. In fact, average rents in the city were $1500 in 2015, up from $1200 in 2014. Landlords’ deals may bring rents back down to 2014 levels in the near-term according to Alberta Residential Landlord Association president Sandy Pon.
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The downturn in the energy sector is having a clear effect on the rental market in Edmonton. Mainstreet Equity, which owns 4,000 units in the city, says the issue is short-term but president Bob Dhillon told the Edmonton Journal “I’m going to be honest with you, 2016 is going to be a tough year.”