Archive for February, 2010

Can you afford to live in the Bow Valley?

Saturday, February 13th, 2010

If you are thinking about moving to the Bow Valley, it’s a fair question for us to ask.  Can you afford to live here, or are you going to move here and leave in the next few months when you realize that you can’t make ends meet?

Personally, we think living here offers great value.  Sure, housing costs more than you would expect, but you probably don’t need a car because you can walk everywhere, and most of our entertainment is provided for free (think hiking, climbing, and otherwise enjoying the mountain landscape) or at a very low cost (special thanks to all of the arts festivals). We also don’t pay PST in Alberta, and we have a lower tax rate than the rest of the country.  High cost of living?  It’s all in how you look at it.

But realistically, can you afford to live here? The published average rent rates in January 2010 were as follows:

Roommate/Shared Living Banff $594 Canmore $554

Studio/Bachelor Banff $918 Canmore $733

1 bedroom Banff $966 Canmore $958

2 bedroom Banff $1582 Canmore $1208

3 bedroom Banff $2065 Canmore $1540

These prices are all for unfurnished units, and utilities (gas, electricity, water) are usually added on top of this figure.  These prices are lower than they were one year ago (Banff-2%; Canmore -14%).

Budget gurus will tell you that housing costs (rent + utilities) should only make up 30% of your gross income.  So, renting 1 bedroom apartment in Canmore ($958+100 utilities) would require a job paying $3526/month. Assuming you work 40 hours per week, that job must pay $20/hour to reach this goal.  Have you seen any $20/hour jobs advertised here recently?  They are rare but do exist, and they usually aren’t advertised. If you aren’t living with a significant other or working for an employer that has private subsidized staff accommodation, chances are you will be living with a roommate.

The nature of our business means that we receive housing requests from people unfamiliar with the area.  The vast majority are “I’m looking for a 2 bedroom apartment.  Our budget is $800/month including utilities”. And our personal favourite: The same request as above, with the addition of “We need it to be fully furnished and/or allow pets and/or be located in downtown and/or 3 month lease only.” These types of requests offer great free entertainment for our staff, so keep them coming — we like to have a good laugh during our workday :)

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Confirmed Reservation with Booking Deposit

Thursday, February 11th, 2010

We knew this day would come, we just wish that it had come a little later. Rockies Rentals will no longer hold dates without a Booking Deposit. Just like airlines, hotels, and retail stores, we can no longer rely on ‘the word’ of a guest that the they “are definitely coming”.  After years of operation, we know that this really means “I’m just delaying while I wait for a better offer”. To be honest, we wouldn’t even mind if a guest told us they found a more suitable property.  We WANT guests to stay in an accommodation unit that meets all their needs.  Sometimes that’s one of our properties … sometimes that is someone else’s property.  We even go so far as referring guests to our competitors if we feel there is a more suitable property operated by someone else.  The problem is this:

Guest A requests to book a property.  We send a Booking Agreement to Guest A.  A few days goes by and we don’t hear from Guest A.  In the meantime, Guest B (and possible C, D, and E) all wish to book overlapping dates but we tell them we can’t accept their booking because Guest A asked first.  Guest A continues to insist that they still want the property, but “they are busy” and they’ll  ”do it first thing tomorrow morning”.  We believe Guest A, so we schedule the housekeeping staff.  At some point, we realize that Guest A is just playing with us.  We contact Guest B through E to let them know the dates are now available.  Not surprisingly, Guest B through E have now confirmed other accommodation.  We are now left with a Last Minute vacancy which is impossible to fill.  On top of that, we have to pay the Cleaning Service Cancellation Fee.

Last November, we had a guest hold one of our units for a 28-day stay.  A month later, we found out that it was another property owner in town who has an unlicensed unit.  You see, when all the licensed units are blocked, visitors feel they have no choice but to book an unlicensed unit and take their chances.  On February 15, we are supposed to have a guest check in for a $2100 reservation.  Up until 2 weeks ago, we had numerous emails confirming that they had physically mailed the check.  Today, they tell us they decided to go to BC instead and forgot to tell us.  Oops.

We tried to hold out as long as possible, but the lost revenue (which we track) just hit over $30,000.  We’re a small company, so this is a big deal.  We truly wish that people cared about their word, but it is impossible to tell which guests are sincere and which requests are coming from other owners.

We know that this policy will end up punishing the last remaining few visitors whose word is as good as a bond, and we are sorry. We sincerely wish we lived in a society where people put more value on integrity.

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Renting Your First Apartment

Monday, February 1st, 2010

For many, moving to the Bow Valley may very well be the first time they have ever lived anywhere other than mom & dad’s or a college dorm.  If that’s your story, here are some thoughts on taking the first steps in finding the perfect place to live.

Be Thorough: Chances are that you are so excited at leaving home that every place you review will seem like a dream home, and you won’t even notice any negative points.  Time to take off the rose-coloured glasses and see things for what they really are!  Open up each door and cabinet — do they open easily? Turn on each tap — is there hot water? Is there adequate counter and cupboard space? Where will you do your laundry? Is it well laid out? Is there adequate storage space? How does the rent compare to other similar properties? Does it include utilities?

Do You Have Enough Cash? Typically, you will be required to pay a Damage Deposit equal to one month’s rent.  So on the day you move in, you really need enough cash to cover two month’s rent.  If you’re having a hard time getting that cash together, ask the bank for a short term loan or credit line.  You could also ask the landlord to pay the Damage Deposit in installments (but I would leave that option to the last resort).

Get Receipts: Make sure you get a written receipt for each deposit.  If you are paying by check, the cancelled heck can act as a receipt.  Don’t even think about paying cash without getting a written receipt signed by the landlord.

Get The Whole Story: Does the place sound too good to be true?  If so, is there something they are not telling you? Is it near the train, or a 24-hour liquor store? Are the neighbours loud? If you are moving into a building with other tenants, ask around about the management of the building — is the manager or landlord reasonable and fair?  It’s sad to say, but for every crazy roommate and tenant, there is a crazy landlord.  This will be your home for the next while so make sure you get all the facts.

Do a walkthrough: Any landlord worth their salt will insist on a walkthrough, but if they don’t you should!  You are responsible for returning the property to its original condition (less any reasonable wear and tear).  You don’t want to wait unti the day you move out to try and prove that the large stain was there when you moved in.  Take a digital camera and document everything in the place — particularly anything that is already damaged.

Did using these tips help you securing your first apartment?

Let us know! We’d love to hear from you!

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