Last Updated on April 7, 2024

What is a Tenant? | Edmonton Real Estate Definition

By Alan F Macdonald

What is a Tenant?

A tenant (also known as a renter) is someone who leases a space to live or work.

Real Estate Agent Explains Tenants

Many homebuyers start out as tenants because they cannot yet afford a home (see Can I Afford To Buy A Home?). Also, renting property is very appropriate for students or someone who moves frequently. Businesses often rent space because they cannot afford the high initial cost and maintenance of commercial properties. Tenants who would like to learn more about renting in Edmonton can contact the Landlord and Tenant Advisory Board which provides forms, workshops and mediation services to tenants.

Read: Buying Vs. Renting a House: Which Is Right for You?

Why Does It Matter?

One third of Edmonton’s houses are occupied by tenants and even a larger proportion of commercial properties are leased in Edmonton. Without a large number of tenants, there cannot be a healthy real estate investment market. A small tenant population leads to high vacancy rates and adversely affects the entire property market. In 2023, Edmonton’s vacancy rate plummeted to 2.4%, making Edmonton one of the more lucrative rental markets in the country.

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