The Home Rental Market in Spruce Grove and Stony Plain
Tuesday, November 8th, 2011
The reasons for renting a home, rather than buying one, are as varied as the people looking for a place to live so it’s probably no surprise that there is always a market for such properties. People moving into an area may choose to rent while they get a feel for the local real estate market. If you are a renter, here are a few things to know about houses for rent in Spruce Grove and Stony Plain for Fall 2011.
“What can I expect to pay for rent these days?”
At the moment, a standard 3-bedroom house in Spruce Grove or Stony Plain rents for $1300 to $2000 per month. As with purchased real estate, factors such as location, age of the home, and features like a garage will determine price. A newer half duplex or townhouse may rent for $1300 to $1600, while an apartment-style condo may run $1200 to $1600. A 2 or 3 bedroom apartment may cost upwards of $950 per month, while a basement suite may run around $700 per month. In general, rents are comparable to those in Edmonton, or possibly a little cheaper.
“What will be included in my rent?”
If you’re renting a detached house, expect to pay for all services yourself. If you’re looking for an apartment, usually water/sewer services and heat will be included in your rent; you’ll be responsible for power, phone, TV, internet services, and the like. This applies to condos as well, with the landlord usually picking up the tab for condo fees. Basement suite rentals may come with some kind of shared utility arrangement. Of course, in a rental market where there are lots of properties for rent and fewer renters, landlords may offer various incentives, such as free cable and internet. At the present time, we are experiencing a tight rental market with plenty of competition among renters so don’t expect to find too many of these deals. Note that no matter what you rent, your landlord will pay the property taxes and insurance on his property, but it’s a very good idea for you to have your own renter’s insurance.
“What conditions can a landlord impose on the rental?”
Landlords can ask for first month’s rent up front, along with a returnable security deposit of up to one month’s rent. They are allowed to set conditions such as no pets or no smoking inside the residence, and can designate the premises as “adults only”, or “no overnight guests”. The landlord will likely have you sign a rental agreement outlining details about the rent and security deposit, inspections, termination notices, and other responsibilities of both parties. This rental agreement will also specify who is legally allowed to live in the premises. You will probably be asked to provide references and a credit report (obtainable online from agencies such as Equifax and TransUnion). Expect to complete and sign move in/move out inspection reports. For more information on this topic visit the following websites:
Laws for Tenants in Alberta – Laws for Landlords in Alberta
“How do I find out what’s available to rent in Spruce Grove and Stony Plain?”
A good place to start looking is in the Classified Ads, both print and online, found in the local newspapers, the Grove Examiner and the Stony Plain Reporter. Both communities are also home to a number of property management companies, such as TRC Management and Gateway Property Management. Kijiji online ads are another good source.
“Where can I get more information about the communities of Spruce Grove and Stony Plain?”
Check out the official websites for Spruce Grove and Stony Plain. Browse my Business Directory, Community Connections, to get a taste for what the local area has to offer.
If you’ve been renting for a while and are now ready to buy a home in Spruce Grove, Stony Plain or Parkland County, I’d be happy to help! Call me at 780-910-9669, email me at barry@barryt.ca, or contact me here.
