As 2009 comes to an end it’s a good idea to review the CMHC Rental Market Report to see what’s happened for the tail end of the year. Here are the highlights.

Vacancy Rate:

• In Ocober 2009 the vacancy rate for the Saint John Area rose to 3.6% from 3.1% last year.
• In Saint John City Proper, three of the four zones had a year over year increase. The uptown core remained the same at 3.3%, West Saint John up to 2.7, North Saint John up to 3.3% and East Saint John with the highest rate up to 6.3%. The outlying areas was up to 1.9%
• Although the vacancy rate rose this year, it’s the second lowest since 2000.
• National vacancy rate increased in October 2009 (Saint John 3.6, Edmonton 4.5, Toronto 3.1, Vancouver 2.1, Calgary 5.3)

Average Rent:

• The average rent was up by 4.2%, with the average rent at $613/month
• The average rent for the popular 2 bedroom apartments was up at 4.5% at $644/month

For full details download the pdf below, or visit www.cmhc.ca and subscribe.

Download (PDF, 2.14MB)

As our company grows and evolves we often sit back and evaluate the way our business runs and the systems that are put in place to ensure things are done correctly. Over the past couple of weeks we’ve been taking a look at the past year and identifying our weaknesses and the points of our business where there is an opportunity for things to go wrong.

We have identified some key tasks that require new or updated written procedure. In the next couple of weeks we will be releasing the following new policy:

• Maintenance Policy – This policy will outline how maintenance, renovations and emergency services are carried out by our sub-contractors. It will define a clear policy for payment in regards to regular maintenance, renovations and emergency services.
• Rent Policy – Our current rent policy is being revised and will now include policy related to the remittance of rent, deductions from rent as well as new policy related to our accepted methods of payment.
• Collections Policy (Tenant & Owner) – Will outline late fees and Insufficient Funds charges.

By laying out a clear policy we hope to avoid errors and misunderstandings in our day to day operations. Property owners can review our policy online at any time. Please contact us to request login information.

A Saint John Landlord was fined the minimum fine of $1000 after only 20 of his 50 work orders were completed after a second inspection 7 months after the city issued the work orders. The landlord now has until December 21 to complete the rest of his work orders.

Full Story @ CanadaEast.com

It’s important to take work orders by the city serious. If you keep up with your ongoing maintenance, then you wont be left with a large list of repairs to make at the last minute. Should the city issue you work orders on your property, be sure you promptly start the work and keep in touch with the city to make sure everyone is on the same page. Not everything can be done at once, but it’s important to have a reasonable time frame to complete the work.

In our efforts to improve the quality of service we provide to our clients and tenants, we have hired a new office manager! This month we welcome Bethany Armstrong to the Harrity Real Estate Team.

Bethany will be taking care of many of the day to day operations at the office and on the road. She’s also available to answer any sales questions you have, so don’t hesitate to contact her.

Welcome aboard Bethany!

I’ve always believed that people should work smarter, not harder. We all work hard, but by working smarter we are much more effective in getting things done. Working smart is key when it comes to managing your investments and when building a property management team. To help us work smarter, we have recently added two new members to our team.

Lee Perrin joins us as our new maintenance supervisor. Lee has several years in general contracting and property maintenance. Lee and his crew of 12, are ready to go at a moment’s notice and always working hard to make your investments work for you. From minor repairs to building demolition and building Harrity Real Estate Services is ready for it all. Welcome aboard Lee!

Lori Stevens is joing our team as administrative assistant and tenant relations. She’ll be responsible for keeping our office in order and keeping our tenants happy. Welcome aboard Lori!

If you’re thinking about investing in Saint John area real estate – we’ve got the team of professionals to make your investment a success. Call us today for your free quote!