An increasing number of Regina-based landlords are struggling with vacant suites as market slows.
After years of the local market “firing on all cylinders” and a wave of construction, an increasing number of Regina investors are feeling the pinch of extra supply and lower demand.
And with the province having to fight off other areas to attract new migrant workers, there is a fear that the situation could worsen.
There is an awareness that the market is changing but we are advising our members not to panic,” says Jeff Trapp, founder of Regina Real Estate Club. “There has been a lot of extra supply coming onto the market, with more in construction, but as we always see, good units do rent out.”
Speaking to CREW, he says many landlords tend to go for the easy option when struggling to get tenants.
“There is the trouble that some landlords may panic and just reduce rent, or take in anyone, so we are working with our members on how to make their properties more desirable and how to present it for good tenants.”
Regina's vacancy rate increased from 1.8 per cent to 2.5 per cent earlier this year. City officials want to increase that to three per cent by 2017.
Trapp says he is concerned that any further changes in the migration programs may also impact many markets, particularly those areas that are dependent on oil and gas.
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