An active real estate market has led to a low inventory for single family rental properties in the city (Colton McKee/ CHATNewsToday)

By Tiffany Goodwein

low inventory

Hatters faced with aggressive and challenging rental market

Apr 12, 2021 | 5:39 PM

MEDICINE HAT, AB- Daryl Lamb regularly looks online for a single-family home for rent. He has to be out of his Southridge home by the end of the month and time is ticking for him to find a pet-friendly place in his budget. He has been on the hunt for six months with little luck.

“By the time I respond to them, a lot of them are taken already or they are overwhelmed with calls and people wanting to view them that they say ‘sorry we’ve got too many people already as it is,’” he said.

Lamb is not alone in his struggle. Local rental experts say low mortgage rates have resulted in a very active and competitive rental market.

“We’ve seen a lot of single-family homes that were once upon a time rentals, being put on the market and selling very quickly, and it has put a lot of these long term rental families out searching for specific single-family home properties that we just don’t have,” said Jay Johnson owner of Rent Better Property Management.

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Currently, there is a high demand for three to four-bedroom homes in the city, according to Johnson, and snagging one can be a difficult task.

“Right now we may have two or three that would be available with us. But as soon as we bring it on the market, we will have around 10 to 15, maybe even 20 applications within the first few days,” Johnson said, noting pet-friendly homes are also in high demand.

Rental rates have also risen, adding yet another challenge for renters.

“It’s like you are looking for a house in a big city like Calgary and Edmonton and the prices aren’t what they used to be anymore,” said Lamb.

Johnson said the rental rate increase is due to a number of factors. Supply and demand is one. But he said rates have risen over the past five years after an outside company purchased apartment buildings in the city and hiked the rent.

The COVID-19 pandemic has also led to a change in how some landlords operate. Shiela Payne owns seven properties here in the city.

“ You definitely have to do the screening, because there are a lot of people that are struggling. You have to screen them and see if they can actually afford what they say they can afford, you don’t want anyone to struggle,” she said.

Johnson said his company hasn’t had too many issues of non-payment. But in circumstances where there may be economic hardship, he said communication with the landlord or rental management company is very important so they can help renters maneuver the challenging circumstance.

As for those jumping into the rental market, Johnson said it is very important to be detail-oriented in the application process.

“ I always want to see that they fill it out to the best of their capabilities, and just be truthful right off the bat so we can define the risk profile of each person because ultimately that’s going to be the determining factor,” he said.

In order to compete in an aggressive rental market, preparation is key. Johnson recommends having all paperwork completed, along with full a damage deposit to increase the chances of securing a rental.