Calgary renters struggle to find vacancies
Finding a property to rent in this city is becoming increasingly difficult as demand rises.
That's generating stiff competition among some renters in desperate search of a home.
“It's a bit of a lottery, there were plenty of people here,” said renter Nicolas Gonzalez.
In fact, 101 people viewed the one bedroom beltline apartment Gonzalez had his eye on. Fifty people filled out applications and, after two interviews and a stringent screening process, Gonzalez landed the suite — a gruelling process he's never been through before.
"Never. Usually it’s me and a roll of cash and ‘Oh, okay it’s yours,’ 'here's the cash,' ‘thanks,’ done, keys."
Gonzalez says he's not sure what gave him the edge.
Darren Paddock, the co-owner of RentFaster.ca, advises renters to find ways to help them stand out from their competitors because properties are going fast.
"These people are getting a number of applicants in two to three days time," says Paddock.
"It’s really hot, we've never seen it like this before."
Paddock says an influx of workers and tighter mortgage rules are to blame.
And the Canada Mortgage and Housing Corporation predicts the current 1.9 vacancy rate will drop to 1.5 by next year.