Trending
A red, white, and black flag with a white background.

REIT offering free rent to attract renters

A Calgary-based REIT is bucking the trend by offering incentives – including free rent – to offset the rise in market supply and maintain high occupation in its buildings.

Sam Kolias, chairman and chief executive of the Boardwalk REIT in Calgary, says the market has shifted in favour of the tenant in recent months, thanks to more supply and competition.

Calgary’s vacancy rate remains at one per cent, with that figure expected to rise by 0.2 per cent this year.

An orange and white building with windows.

Despite the CMHC predicting a nominal rise in rent for Calgary this year – from $1,224 to $1,280 for a two-bedroom place – Kolias is offering monetary incentives for new or renewed leases. Depending on apartment and location, renters can receive rental reductions between $25 and $275 per month.

Total housing starts in Calgary are expected to increase by 12 per cent year-over-year to 13,100 units, with a particular growth in single-family and multi-family starts.

About the Author

Post a Comment

Related Articles

Exploring the area of real estate investment doesn’t always mean owning physical properties. Indirect investment in real estate offers a savvy alternative, allowing you to...

Vancouver had a strong sales surge to start the year. Seasonally adjusted home sales in Vancouver surged an estimated 12% m/m and were up 38.5%....

Most Trending News

Exploring the area of real estate investment doesn’t always mean owning physical properties. Indirect investment in real estate offers a savvy alternative, allowing you to...

Vancouver had a strong sales surge to start the year. Seasonally adjusted home sales in Vancouver surged an estimated 12% m/m and were up 38.5%....

Costa Rica’s allure isn’t just in its breathtaking landscapes and vibrant culture; it’s also becoming a hotspot for real estate investors from around the globe....