The Canadian rental market is experiencing a national trend of dropping rent prices, driven in part by an initial wave of newly-built supply entering the market. Calgary saw a 9% decrease in asking prices in July, only behind Vancouver. It’s expected that this trend will continue, albeit at a slower pace, as we’re nearing the end of 2025.
For tenants, this scenario means that they have leverage to negotiate a more competitive rent; as for landlords, this market slowdown can be an ideal time to make strategic improvements that sets their property apart and attract quality tenants willing to pay for added comfort and convenience. We’re going to explore upgrades that boost long-term appeal and can preserve (and even grow) your investment’s value, ensuring it stays competitive no matter what the market does.
Strategies to Keep Property Value High in a Down Rental Market
1 – Focus On First-Impression Curb Appeal
In a market with more options available and lower rents, first impressions and standing out can make or break a tenant’s interest. Doing small upgrades to improve your property’s exterior is one of the most effective and cost-effective ways to make your property one that tenants will remember and can completely change the way a property is perceived. A fresh coat of paint on the exterior, well-kept landscaping, walkways that are in good condition, and updated lighting fixtures can completely change a potential tenant’s opinion, signaling that the property is cared for and maintenance items will be addressed.
In Calgary, the weather often takes a toll on exteriors. That’s why regular maintenance, such as repairing siding, clearing the snow promptly, and keeping outdoor areas well-lit, not only enhances appearance but also reassures tenants about safety and care. Your goal is to create a positive first impression that justifies your asking rent, even when the market is soft. We discuss in detail the exterior features that impress tenants the most here.
2 – Invest in Energy Efficiency
Utility bills are top-of-mind for most Calgary renters, especially during the colder months. That’s why improving energy efficiency adds tangible value to your property and can become a major competitive advantage that can justify your asking rent. Here are a few of the upgrades that can make your rental more attractive among tenants looking to save long-term, and younger, eco-conscious people, who are often more willing to pay a bit more for energy-saving features. Some of the ways you can make your property more energy-efficient include:
- Install Energy-Efficient Windows: If your budget allows it, consider updating the current windows with materials and designs thought to improve thermal performance, that is, how well the window keeps heat inside the home. Also known as the U-Factor value, this measurement is helpful when comparing window brands: The lower the number, the less heat the window will let escape.
As for types of windows, casement, awning, and picture windows are among the most insulating ones, especially when paired up with triple-pane glass. The number of panes (sheets of glass) in a window and the air space in between are essential aspects of truly energy-efficient windows.
Other options to improve thermal performance include:
- Improving insulation in the existing windows by installing thermal curtains and combining them with blinds. One of the best insulating options among blinds in the market is honeycomb or cellular blinds, especially in large windows. This, combined with applying insulating film to the glass or shrink-film kits, will help seal the frames and keep the heat in.
- Installing smart thermostats is also another way to make the home more energy-efficient because they go beyond simply turning the HVAC system on and off, optimizing how and when energy is used according to tenants’ daily routines and needs. For example, smart thermostats can automatically lower the temperature when people are away and adjust before they return, and the tenants will be able to customize the settings to match their time at home and control the system remotely.
- Upgrading the appliances to ENERGY STAR-certified ones can help cut not only electricity, but also water bills.
3 – Refresh Kitchens and Bathrooms
The kitchen and the bathrooms are the two spaces homeowners and tenants alike care about the most when it comes to finding a home, because these areas are often associated with cleanliness, comfort, and convenience; their condition can strongly influence whether someone is willing to rent (and how much they’re willing to pay). The good news is that you don’t need to do a full renovation or spend thousands to make updates that can raise the perceived value of your property:
- Change dated faucets, showerheads, and cabinet hardware for modern finishes like brushed nickel or matte black that will immediately make the spaces look more modern.
- Re-grout or re-caulk the tiles to make the kitchen and bathrooms look fresh and cleaner.
- Replace old light fixtures with energy-efficient options with modern designs to brighten the spaces and make them look more inviting.
If you’re sitting on an extra budget for minor renovations. Here’s what we recommend:
- Swap the countertops with quartz-look options that can be stylish yet affordable.
- Upgrade to energy-efficient toilets and low-flow faucets. This will attract both eco-conscious and budget-minded potential tenants.
- Add a modern backsplash in the kitchen to create an aesthetically pleasing focal point without spending a lot
4 – Offer Better Storage Solutions
Even if your property has a good layout, limited storage can quickly become a dealbreaker for many tenants, especially for families, who are very desirable tenants due to their tendency to rent for the long term. Offering a variety of storage options adds functionality, convenience, and a sense of order, which increases the overall property appeal. Here are a few ways to boost your property’s storage capacity:
- Adding closet organizers like double rods, shoe racks, or drawer systems is a simple upgrade and it helps tenants think about the way their belongings would be neat and accessible.
- Installing pull-out drawers in cabinets, spice racks, or extra pantry shelving will make kitchens look more convenient and comfortable, and hence, attractive.
- A bathroom with floating shelves, mirrored cabinets, or vanity drawers to keep toiletry essentials organized and handy will look more appealing, even if it is simple and small.
- Making the best out of vertical space with built-in shelving or wall-mounted units in living rooms, bedrooms, or entryways will make small areas feel more spacious.
- Dedicated storage rooms are a big plus for many tenants, especially when looking for rentals in condos and owning bicycles, skis, camping gear, sports equipment or large appliances like grills.
5 – Add Amenities the Property Doesn’t Already Have
Convenience often seals a deal when tenants are comparing properties. Amenities not only make life easier, they create a sense of comfort that tenants are willing to pay for (and stay longer to enjoy). These are the must-have amenities tenants are looking for:
- In-suite laundry: Tenants consistently rank this as one of the top features they see as a must-have. Having a washer and dryer in the unit saves them time and eliminates the hassle of shared facilities or laundromats.
- Dishwasher and microwave: These are time-savers that signal your property is updated and functional. Even smaller kitchens can often accommodate compact models.
- High-speed internet readiness: Many renters, especially remote workers, young professionals and students, prioritize reliable internet. Pre-wiring or offering a bundled internet service can set your property apart.
6 – Consider Offer Extra Services
Sometimes the best way to stand out in a downturn market isn’t to lower the price: it’s by offering more value for the price. Bundling practical services into the lease can make your property far more attractive to tenants, and make them perceive it as “premium”, even if the rent is higher than similar listings nearby. Some services that Calgary tenants will value include:
- Landscaping and snow removal: In Calgary, a city known for its long and severe winters and sudden weather shifts, tenants appreciate not having to worry about shovelling sidewalks or maintaining outdoor areas. It adds convenience for them while ensuring your property always looks well-kept.
- Cleaning services: Offering occasional cleanings saves tenants time and stress. Even quarterly cleaning can make your property feel like a higher-end rental.
- Utility Bundling: We already mentioned bundling the internet service, but you can also bundle the electricity or water in the rent to create predictable costs. Many tenants prefer one fixed monthly payment over dealing with multiple bills.
Even When Rents Are Down, Your Property Value Can Go Up
When rents are lower, it’s natural for landlords to worry about their returns. But downturns also create an opportunity to strengthen your property’s appeal and make it stand out. Adding upgrades that tenants want and value will help you to not only protect your revenue but also build equity in your investment that will ensure your property remains attractive and valuable, no matter the shift the market takes.
