Last Updated on 2024-02-28 by Tom
Let’s talk about the current residential rental scene in Edmonton—it’s hotter than a summer barbecue, with a vacancy rate of less than 1%. Bidding wars are becoming the norm as folks scramble to snag their dream digs. But amidst the frenzy, there’s a golden opportunity that many overlook: renting a big home. And Below are the few key reasons why:
01). Cost-Efficiency by the Room: Don’t get blindsided by the total rent—zoom in on the cost per room. Single-family homes with three bedrooms are in high demand, fetching around $2000 a pop in February 2024 (Edmonton). That’s nearly $700 per room! But in comparison —larger homes with 5 or more bedrooms may seem pricier, ranging from $2300 to $2500. However, when you break it down, it’s only about $500 per room. Manage your finances wisely, and you could be sitting pretty.
02). Ideal for Multigenerational Living: Picture this: a sprawling home with space for everyone. Many large homes come fully developed, making them perfect for multigenerational living arrangements. And if you strike gold and find one with a legal suite, well, you’ve hit the jackpot. Stay tuned for more on that in a future blog.
03). Think Outside the Box: You don’t need a clan the size of the Brady Bunch to reap the rewards of a big home. Team up with close family members—think adult siblings—and rent a spacious abode with a legal suite. Each person gets their own slice of paradise while saving big on rent. It’s a win-win for everyone.
But, and this is a big but, proceed with caution. Co-renting works best with family, especially when there’s a legal suite involved. Renting with friends/acquaintances can lead to sticky situations and might not stand the test of time. Plus, many tenant insurance policies turn a cold shoulder to such arrangements due to the added risk. Think it through before taking the plunge.
In a nutshell, while others zig towards smaller pads to weather the rental market storm, you’ll zag towards big wins. Renting a large home isn’t just about space and comfort—it’s about saving serious dough. Don’t let this opportunity slip through your fingers! Dive into the links below to explore your options before someone else snatches them up.