Canada’s biggest residential landlord said Friday vacancies at its apartments in Alberta are on the rise as it lowers rents and offers incentives to attract tenants — and it doesn’t expect conditions will improve much for the rest of the year.
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It was two years ago, almost to the day, that Warren Buffett said on CNBC he would buy up, “a couple hundred thousand” single family homes if it were practical to do so. Some claim that opened the floodgates to investors in the single-family rental trade.
Read more: http://www.cnbc.com/id/101472045
On its own, it was a simple real estate transaction between buyer and seller. But the purchase of City Square Tower, a 28-storey residential building on 104 Avenue in downtown Edmonton, by Calgary’s Mainstreet Equity for $40 million in early June, wasn’t on its own. Instead, it was the culmination of a strategy that the company has been pursuing since 2007– one that saw it scoop up 77 properties containing 2,218 units in an area bounded by the airport lands to the north, Jasper Avenue to the south, 124 Street to the west and 97 Street to the east. And it’s about to pay off in a big, big way.
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The Province’s decision to provide financial assistance only for peoples’ primary residence affected by the flood is creating a hardship for those for whom a second home is anything but a vacation home or business.
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Boyle Street Community Services has purchased the building in which it is located from its landlord, meaning the agency will remain across the street from the future downtown arena.
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If all goes according to plan, all the occupants of an overcrowded house at 3 Gould Place will have moved out as of Monday.
The home has been subject to repeated complaints because neighbours and city officials say it has been housing many more people than the city’s bylaws allow.
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CLEVELAND – An Ohio landlord and businessman charged with assault after police suspected him of spanking a tenant who owed him rent money is now being sued in civil court for a similar accusation by a mentally disabled man.
Mark Neace filed a civil lawsuit in Warren County Common Pleas Courthouse earlier this week claiming Ronald Kronenberger, 53, punished him “with a belt and paddle” on four separate occasions.
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A Queens landlord who authorities said had packed nearly 50 people in illegally converted apartments, some in garages and cellars, was charged with reckless endangerment and other crimes on Wednesday, reflecting a growing concern about the kind of overcrowded housing that has been cited in several fatal fires in recent years.
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Three years ago Aaron Edelheit was working out of his living room, buying foreclosed properties, and putting them up for rent. Today he is CEO of The American Home Real Estate Investment Trust, one of the first REITs investing only in single family rental homes.
“We think the foreclosure crisis has allowed a couple of firms such as ours to get size and scale to start institutionalizing a very large market,” said Edelheit.
Read more: http://www.cnbc.com/id/100366417