These surveys tend to be all over the map. I’ve never been able to make sense of them.
Even this article cites two different surveys. The headline survey showed rents are down more then 5%, while the other survey (briefly mentioned) showed that rents are up 5%.
Here is the quote from the article:
The association’s recent poll contained responses from landlords and managers representing nearly 40,000 units. Results from rental surveys tend to vary, however.
A survey of large rental complexes of 100 units or more was released in October by the RealFacts research firm. RealFacts found that rental rates had climbed to an average of $1,363 in the third quarter, up 5 percent from a year earlier and up 1.26 percent over the previous quarter.
I don’t know if it is a mix of units issue or what. It seems that this headline survey is capturing smaller complexes (less than 100 units) which might include failed condo conversions that are under-represented in the RealFacts survey. We’ve observed inconsistencies in the surveys in the past on Piggington and people tend to believe whichever one suits their needs. I think rents are flat.
We need a Case-Shiller rental index that analyzes same-unit rents upon turnover.
