I keep seeing people on here stressing about lease renewals, and I don't think everyone's caught up on how much things have changed.
Remember 2023? Vacancy was 1.4% based on CHMC data. People were showing up to viewings with cover letters and offering over asking for basement suites. It was brutal. Can't beleive , it was just few years ago
Now it's around 5%. That's a lot of empty units, and CMHC says asking rents in Calgary have actually been dropping this year. Your landlord knows this, even if they're hoping you don't.
So if your lease is coming up, don't just sign whatever they send you. Look up what similar places in your area are listing for, screenshot a few, and ask for a lower rate. Worst case they say no and you're where you started. If they won't budge on rent, ask for a free month, parking, or storage. A lot of the newer buildings are throwing these in just to fill units. And. If you are in basement there are too many empty basements, you can probably get same price condo now for rental
And keep in mind, if you leave, they're stuck cleaning, listing, and maybe sitting empty for a month or two. Keeping you at a slightly lower rent is often the cheaper option for them.
Has anyone here actually negotiated recently? Curious what people are getting