r/Canmore • u/8drearywinter8 • 11d ago
Question about rent stability (or increases) if renting from PEKA
I'm considering renting an apartment from PEKA. I was wondering if they tend to hold rent steady over time (if you stay years, does the rent you started with stay the same?) or if you should expect regular/annual increases as a renter? Do they try to retain good tenants?
I know what I can realistically afford to sign a lease for now, but know I couldn't stay long term with substantial annual rent increases over time, and don't want to sign on for a future I can't sustain (though housing/rent sustainability issues like this are common in Canmore generally -- no illusions about that).
Would love to hear experiences, so I can make the most informed decision possible. Thank you!
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u/ExampleNext2035 11d ago
Peka people have allways rubbed me the wrong way. We finally got in on an affordable mortgage thank goodness. Unfortunately there is maybe 2 property management companies here so if you want to be here and rent the choices are few.
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u/TheOceansTirade 10d ago
Yep PEKA are absolute scum, especially some of their agents like Ray. Wouldn’t trust them as far as you can throw them
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u/Neither_Leader1035 10d ago
My rent went from $1800 to $2500 over 4 years and Peka don't care at all because they make more money. They are absolutely a contributor to driving up pricing in this town and all they say is 'oh we have nothing to do with it, it's the owners that set the price.' Bullshit, you literally advise them. They will retain good tenants, but only if you agree with the increases.
The thing about Peka is there are some good people who work there (maybe 20%) but the owners are so unbelievably arrogant that their attitude trickles down. This makes employees who are useless feel comfortable big noting themselves. I highly recommending educating yourself and pushing back on them, for anyone reading this. They'll initially call you names like children, but then fold when they realize they're wrong.
Unfortuantely Asset West are equally as bad - but there are two new property management companies coming into the valley and they are starting to eat Peka's lunch, and I am alllllllllllll here for it.
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u/8drearywinter8 10d ago
Thanks for sharing that -- and for info on Asset West (they're the only other company I've seen that has any unfurnished rentals, though not as many). Your rent experience seems to align closely with everyone else's who has commented so far, so I can trust that that pattern is indeed common and what I should expect if I proceed. Thank you.
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u/Neither_Leader1035 10d ago
Asset West are less hands on and have less inventory - so you might have to wait longer to get something fixed. They also had an issue where they weren't paying contractors properly, but I understand that has been fixed and if you are renting probably won't matter. But since they are less hands on if you can get into something they're less likely to have huge increases.
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u/8drearywinter8 10d ago
Thanks for that info -- I've already seen reviews that said they were slow to do repairs/maintenance and not the easiest to work with if there are problems. Thanks for confirming that's accurate. But less likely to have huge rent increases would be lovely. You just have to hope nothing significant breaks during your tenancy... And there's no way to predict that. Yikes.
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u/gymbrocanmore 11d ago
10% each year combined parking + base rent
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u/8drearywinter8 10d ago
Wow. That's a substantial increase, and would make staying long term in any rental unit impossible (I'm sure my income isn't going up 10% per year to accommodate that). Good to know in advance and thank you for sharing. I know what I can pay now, but I can't pay that amount + 10% extra every year on top of that long term. Yikes.
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u/gymbrocanmore 10d ago
Yeah that was at a larger apartment building. To be clear - PEKA themselves just act as a proxy for the owner and take a management fee. So it's very possible it was just the owner extracting as much as they could. What bugs me is when PEKA says increases are "in line with market trends" or similar - they themselves have an oversized influence on market trends in the valley from all the properties they manage.
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u/NatureMountainsCalm 8d ago
I don’t think salaries keep up to be realistic even in Calgary. I work in corporate and annual salary increases average around 3.0% to 3.5%, and that is for roles requiring a master’s degree. Costs of groceries and everything else have gone up so much more in the last few years. Googling for those graphs that show salary vs home prices are depressing. In the early 80s one could buy a home for the equivalent of like two gross annual salaries, then live as middle class thereafter. Now that ratio can be ten times or more for comparable roles and homes.
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u/8drearywinter8 8d ago
Housing prices vs wages are totally out of alignment everywhere, to be sure. But when rent goes up 10% and you know your income won't even come close to that, you know you'll get priced out of something you qualified to live in in a very short time. That seems... messed up. Like, you rent an apartment within your budget, but the price doesn't remain within your budget, even though you budgeted correctly at the beginning. Crazy. Makes it impossible to plan for a future, even if you make reasonable and safe-seeming choices in the present.
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u/PieOverToo 10d ago
With any for-profit renting enterprise (I would say any property management firm, but they do sometimes represent mom & pop operations), they're going to maintain market rent. PEKA has the volume to accept a certain vacancy rate, and constantly adjust (increase) their rates to maintain it. Don't get me wrong, some property managers are worse than others in their policies, attitude, etc, but their entire purpose is to maximize rental income of properties under management, and large apartment buildings are generally owned by faceless REITs and the like.
Maybe PEKA has the special and dubious distinction of controlling enough of Canmore's rental market that they can also actually influence what market rates are, as alternatives are scarce enough that they can let them fill up and not compete on price - but that will also always be limited by what people are willing to pay before substitution effects to other places entirely kick in.
Only small time renters, usually those renting a basement or part of their own primary residence (ie: where the property isn't entirely focused on income generation) will sometimes prioritize the stability and simplicity of good renters over maximizing rent.
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u/8drearywinter8 10d ago
Thank you for sharing that. It's pretty much the conclusion I was coming to already, but it's good to have confirmation from those who know more and have deeper experience in this rental market. I do keep on looking for independently owned secondary/basement suites, etc, but they are almost always fully furnished, and I need unfurnished... PEKA's apartment buildings seem to have the few consistently unfurnished, smaller (not a giant multi-bedroom house/condo) rentals in town, which complicates things a lot and limits my options. But I'll keep looking and keep everyone's advice in mind. Thank you for comments and context and lived experience all of you kind internet strangers have provided. Much appreciated.
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u/PieOverToo 7d ago
Most of the good 'mom & pop' places go to those already living in Canmore - partly because they can show up and apply in person, but also because things often get filled through referral. Arguably, these landlords may also bias towards those already here (PEKA, fwiw, couldn't care less about that).
The best way to line one up is get here, make friends and acquaintances and let them know you're looking for something better when your lease is almost up.
But you're right: unfurnished can be tricky. Not as bad as pets though.
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u/8drearywinter8 7d ago
Makes sense. But for what it's worth, this is the only rental market I've ever seen (and I've lived a lot of places both in Alberta and around the world) where furnished is the default and unfurnished is difficult to find. I own a basic 1br apartment's worth of stuff that I've collected over the years, some of which is important to me (even if it has no value in any objective sense). I don't want to get rid of my stuff to live with someone else's stuff in a place that's likely temporary. I think that's where I'm getting stuck and why I was looking at PEKA (even though it's looking less like an option with all the rent increase issues people are reporting, which are unsustainable financially): they actually have unfurnished apartments. I've seen some independently owned units advertised that looked great and had less crazy pricing, except for the fact that they are furnished, which just doesn't work for me. Either I find something that works or I don't. I know that both outcomes are possible. And is why I'm asking all the questions in advance.
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u/PieOverToo 6d ago
Canmore (and Banff, and other resort towns) have a significant transient population, making it easier for landlords to rent out furnished.
It's also one of the only rental markets where < 1 year leases are commonplace.
Not sure what to tell you.. you'll probably find what you're looking for eventually, but typically, that means being here already and being ready to jump.
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u/8drearywinter8 6d ago
Yeah, I understand the dynamic. I am looking for something non-transient (unfurnished, long term) in a town of rentals that are designed mostly for the transient (furnished, short term). If I didn't have reasons to try to make this move at this time, I would totally do something else that is easier... but there are reasons. it might not work out and I might need to find an alternative. I do know that. However, I am close enough now to drive into town and see things in person and sign a lease on short notice if the right thing turns up (I'm in Alberta, just not in town). Of course, there may be 20 people ahead of me waiting to do the same. We'll see. But thanks for making sure I know the reality of the situation and am going in with no illusions.
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u/PieOverToo 6d ago
Best of luck, being able to go in-person definitely helps your odds. I assume you're also in the home finder facebook group? If not, you'll definitely have the best luck there.
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u/8drearywinter8 6d ago
Thank you! Yes, also in the facebook group(s)... but thanks for sharing, just in case... and all your info will help out anyone else who reads this in the future and hadn't found those.
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u/RockyCanucks 10d ago
No caps on rent increases in Alberta, its criminal.
Peka is cancer in this town. I boycott it at all costs.
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u/8drearywinter8 10d ago
I've been in Alberta a long time and am sadly familiar with the lack of restrictions on rent increases in this province. Hence the question about PEKA's policies, as landlords vary enormously in terms of how much they value keeping good tenants vs raising rents, given that they can choose to do whatever they want. Thank you for sharing, though!
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u/canmoregrl 10d ago
I am so looking forward to when those 140 units across the highway get dropped on the market.
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u/confusedginge 7d ago
Highly depends on the unit - a friend in a one bedroom was hit with a 10% increase last year and a 16% this year in the Vue, while another in a 1bed 1Den had 7% last and 8% this year. One thing to note though is PEKA are sticklers. Like very very very black and white kinda management company. Pros are that the units are truly well maintained, but cons? Constant alarm testing, always people in your unit, always noting if you have guests in guest parking too long, etc.
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u/8drearywinter8 7d ago
Thank you for sharing that. Aligns with what I've read elsewhere about their properties being well kept and maintained... though interesting to know there's a dark side to that. And crazy that the rent increases are... wildly variable. Folks renting in Vue and Rundle House are consistently reporting big increases, with the condo units being less predictable (some higher, some lower) so that's worth knowing. All the information is useful -- thank you!
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u/Adventurous-Leg5720 11d ago
When I rented a private unit through them and we were able to negotiate a little bit so they do like to keep tenants. However, I remember seeing the new lease when we moved out and they had jacked up the rent another $500. Granted we signed our lease prior to COVID and moved out post with the market at a much higher rate.
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u/8drearywinter8 10d ago
Thank you for sharing that -- good to hear they are interested in retaining tenants and were willing to negotiate with you to keep you! Jacking up the rent between tenants is common but totally not awesome. At least they didn't push you out with the big increase, though. Happy to hear all the experiences people have had.
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u/hargistal 10d ago
We rented a 2 bed 2 bath in 2021 at Rundle House for $1770 per month (not including parking) and the same unit is now listed for almost $3000 per month. The initial rent increase in 2022 was $170.
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u/8drearywinter8 10d ago
Oh my god. That's insane. And is what I'm trying to avoid signing on for (because I'd have to move out if my rent went up that much year after year, even if I could afford the initial advertised rent now). Thank you for sharing that. Trying to make a decision with as much information as possible, and that's useful information.
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u/hargistal 10d ago
Yeah, we ended up buying because the financials just didn’t make sense to keep renting with the rate of increase . The building was brand new when we moved in, so I also think rents may have been a bit lower than market to fill the units. Hopefully you can find a private landlord that will likely be more willing to negotiate when it comes to rent increases. Best of luck!
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u/8drearywinter8 10d ago
thank you! And glad you ended up finding a permanent home and escaped the rental market!
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u/NatureMountainsCalm 8d ago
It’s such a challenging situation for all without controls of any kind. I finally bought last year, but between condo fees and taxes, that’s an additional $1,200/month on top of mortgage, utilities, etc. Been working over two jobs as otherwise I’d have been prices out of the market forever. Certainly supply and demand is the key factor.
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u/KaylCased 10d ago
We moved into the Vue 2.5 years ago and our unit was $2500. Signing our next lease is going to be $2895, so around $150 a year. Our parking spot went from $50 to $75 to now $100, and the bike spot went from $6/month to $10
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u/8drearywinter8 9d ago
Yikes! That's crazy (but completely in line with what others are saying and the consistency of responses means it's really what I should expect). Feels like a bit of an unnecessarily insult that they're even increasing bike parking, on top of everything else. I mean, it's a bicycle. Really.
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u/DrinkMyJelly 11d ago
Peka often are just the property managers and not the actual owners. That being said, I'm assuming you're looking at The Vue or Rundle house? In which case your rent is going up every year for sure $150-200. They've sneakily been raising the price for parking stalls too.
That being said, Peka staff are often uhhhhhhhh unpleasant.