Okotoks landlords are dropping rental rates to cope with soaring vacancy rates in the wake of the slide in the Alberta economy.
Web-based rental listing site RentFaster.ca showed an average of 27 rentals available in Okotoks in 2014 but, as of August 23, there were 52 listings.
Prairie Management and Realty Inc. office administrator Jennifer MacTavish said slow home sales are driving many to list their homes for rent. The result is a number of single-detached houses are now on the rental market, alongside the typical condos and suites.
“There just isn’t a [sales] market for homes over $700,000 to $800,000,” she said.
Lloyd Smith, who owns an Okotoks rental house, agreed that demand is not nearly as strong as it was two years ago.