Calgary's Rising Population Leads to Huge Multifamily Demand

Calgary's Rising Population Leads to Huge Multifamily Demand

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Calgary has been ranked as one of the top three rated cities in the world to live in. This is evidenced by the international and interprovincial migration rate to Calgary, which has been on the rise for the last couple years. While the economic conditions of other Canadian provinces and territories have been declining, Calgary has been weathering the storm. The city’s success is attributed to pull factors such as its strong oil and gas market, as well as its large pool of skilled labour. Other contributing factors include its large investments into tech startups, inexpensive office spaces, affordability, and its high degree of accessibility. As the number of residents increases, the demand for commercial multifamily corresponds. The demand for this type of product has increased from the institutional to the amateur investor. 

Managing a property, especially a multifamily building, requires many duties to create and maintain a constant income stream. Calgary Multifamily is known for brokering multifamily real estate and they have just launched a management division, which provides all of the necessary services using their resources and connections to aid real estate investors in maximizing their revenue. The main components to achieving this are maintenance of the land and building, tenant vetting and placements, along with renewals and inspections. In working with Calgary Multifamily, property investors gain access to more professional management services. 

The most vital service they provide is managing the regular maintenance tasks as well as unexpected operational issues. This entails the routine, preventive, and remedial care of the building’s internal and external infrastructure at appropriate intervals. For example, janitorial services, maintaining parking and plumbing, as well as landscaping and snow removal. It also includes verifying that all property aspects abide by the associated laws and regulations such as Health and Safety and fire testing. Working with Calgary Multifamily is beneficial as they have existing suppliers and professionals they regularly work with. Allowing them access to better pricing, response times, and quality of service. 

Calgary Multifamily provides tenant vetting and placement services to find tenants who are a good fit for the property. These services can include employment, background, credit score, and/or eviction record checks. The purpose of placing the right tenant is to establish a more secure revenue stream. If done correctly, it would also produce fewer maintenance issues and a lower turnover rate. 

Lastly, tenant renewal notices are automatically handled and are done in a way that provides enough lead time to deal with upcoming vacancies. Renewals also allow owners to increase rent to ensure rates are being charged near market price, all to make certain the landlord is getting the most out of their investment. Quarterly inspections on units are also performed to ensure every tenant is treating the property properly, getting ahead of major issues before they occur. 

Calgary Multifamily is led by Kamil Lalji, Associate Broker, and licensed with CIR Realty. Kamil has had experience managing properties for over 20 years. To learn more about Calgary Multifamily’s property management division, check out their website linked here.

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.