Calgary senior Cindy Coyle is speaking out after the property management company for the building she's living in imposed a $450 monthly rent hike for a locked-in one-year term. .“They’re taking advantage of people that are lower income, seniors, and families and all of sudden just making it a one time only, not even sporadically,” said Coyle, 65, in a Tuesday interview. .“It’s just instant.” .Coyle said she moved into Southmore Apartments six years ago because it's close to her workplace and the Calgary LRT, accessible to shopping, and in a great location. .She said she was disgusted when she found property management company Best Investment Properties increased her rent by $450 per month. .The resident went on to say it is hard to find a place within one or two months. She said people are “stuck and have to pay it.” .The new landlord purchased Southmore Apartments three years ago. She said he has been trying to recoup his costs since he bought it. .The current rate she is paying is $1,150 per month. Her rent will be jumping to $1,600 per month on May 1. .While she and other people in the building have tried to negotiate, the landlord has refused. He said people have to take it or leave. .There are four tenants in her building which are leaving by the end of April. She said she cannot leave because it is close to work and she is a senior. .Coyle said she wants Alberta to implement a rental cap because it is ridiculous how much her rate has gone up by. She added she understands if her rent went up by $50 to $100, but $450 is unfair. .Despite the rent going up, Best Investment Properties has not addressed declining conditions. The carpets are old and ripping, the stair clamps are unstable, and the fire security system has not been inspected since 2017. .She requested items be fixed, but didn't hear back from the landlord. People took photos of the conditions, but he's not responded. .There are 32 units in the building, and the landlord raised rent in each by about $400 per month on a one-year term. This equates to him earning $153,600 extra this year. .Southmore has a number of low-income people living in it. Some of the people have been collecting bottles to survive. .The rent increase is going to take one and-a-quarter of her paycheques to cover. She is going to be budgeting her money to pay for it. .Coyle said she believes Calgary rents have gone up because of the cost of living increasing, the carbon tax, insurance, and property taxes. She said the cost of all items has gone up in Alberta..“(It’s important) for families and for people to live comfortably and not having to worry about being homeless or at a poverty level where their kids can’t survive,” she said. .The Canada Mortgage and Housing Corporation (CMHC) said February 6 it was tougher to find rental accommodations in Calgary in 2022, as the overall vacancy rate for purpose-built rental properties fell from 5.1% to 2.7%, its lowest level since 2014..READ MORE: THOMAS: Tight market pushes Calgary rents higher.“With Calgary’s economy growing beyond pre-pandemic levels, the rental market tightened to conditions not seen since Alberta’s last economic boom,” said CMHC senior analyst, economics Michael Mak. .Mak said while Calgary received its share of the record migration to Alberta last year and rental supply increased, it was not enough to meet demand. .Best Investment Properties could not be reached for comment in time for publication.
Calgary senior Cindy Coyle is speaking out after the property management company for the building she's living in imposed a $450 monthly rent hike for a locked-in one-year term. .“They’re taking advantage of people that are lower income, seniors, and families and all of sudden just making it a one time only, not even sporadically,” said Coyle, 65, in a Tuesday interview. .“It’s just instant.” .Coyle said she moved into Southmore Apartments six years ago because it's close to her workplace and the Calgary LRT, accessible to shopping, and in a great location. .She said she was disgusted when she found property management company Best Investment Properties increased her rent by $450 per month. .The resident went on to say it is hard to find a place within one or two months. She said people are “stuck and have to pay it.” .The new landlord purchased Southmore Apartments three years ago. She said he has been trying to recoup his costs since he bought it. .The current rate she is paying is $1,150 per month. Her rent will be jumping to $1,600 per month on May 1. .While she and other people in the building have tried to negotiate, the landlord has refused. He said people have to take it or leave. .There are four tenants in her building which are leaving by the end of April. She said she cannot leave because it is close to work and she is a senior. .Coyle said she wants Alberta to implement a rental cap because it is ridiculous how much her rate has gone up by. She added she understands if her rent went up by $50 to $100, but $450 is unfair. .Despite the rent going up, Best Investment Properties has not addressed declining conditions. The carpets are old and ripping, the stair clamps are unstable, and the fire security system has not been inspected since 2017. .She requested items be fixed, but didn't hear back from the landlord. People took photos of the conditions, but he's not responded. .There are 32 units in the building, and the landlord raised rent in each by about $400 per month on a one-year term. This equates to him earning $153,600 extra this year. .Southmore has a number of low-income people living in it. Some of the people have been collecting bottles to survive. .The rent increase is going to take one and-a-quarter of her paycheques to cover. She is going to be budgeting her money to pay for it. .Coyle said she believes Calgary rents have gone up because of the cost of living increasing, the carbon tax, insurance, and property taxes. She said the cost of all items has gone up in Alberta..“(It’s important) for families and for people to live comfortably and not having to worry about being homeless or at a poverty level where their kids can’t survive,” she said. .The Canada Mortgage and Housing Corporation (CMHC) said February 6 it was tougher to find rental accommodations in Calgary in 2022, as the overall vacancy rate for purpose-built rental properties fell from 5.1% to 2.7%, its lowest level since 2014..READ MORE: THOMAS: Tight market pushes Calgary rents higher.“With Calgary’s economy growing beyond pre-pandemic levels, the rental market tightened to conditions not seen since Alberta’s last economic boom,” said CMHC senior analyst, economics Michael Mak. .Mak said while Calgary received its share of the record migration to Alberta last year and rental supply increased, it was not enough to meet demand. .Best Investment Properties could not be reached for comment in time for publication.
