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Renters continue to have the upper hand on landlords in Edmonton.

Data compiled by an Alberta property management firm, Hope Street Real Estate, shows that the number of rental homes currently on the market has risen to 5,211, up from 3,820 at this time last year.

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The average rental price is $1,168.

Company president Shamon Kureshi said this is great news for renters with more options and lower rents, but bad news for landlords. And Kureshi doesn’t see that improving any time soon.

“We did this report mainly just to have something on paper to show our clients when they called to say ‘What the hell is going on here?’ ” Kureshi said.

“It’s probably a little alarming for many landlords.”

Kureshi says the company compiled its figures from their own records and Internet listing sites, including places such as Kijiji.

“There are a lot of factors at play, but the cost of a barrel of oil is the main one,” he said. “There are also a lot of condo developers who can’t sell their units and who are now putting them into the rental pool, creating a tidal wave of inventory.

“Two years ago that could have been a profitable venture for them, but what we have concluded is that selling isn’t really an option.”

Things are worse in Calgary, with Kureshi’s numbers showing 8,102 rental properties on the market, a sharp increase from this time last year when there were 5,233 homes available to rent.

The average rental price in Calgary is $1,467.

Kureshi said the numbers his company compiled differ from those of the Canada Mortgage and Housing Corp. because his research focused on “total listings that are currently being advertised” as opposed to the “entire stock of rental homes in any given market.” The CMHC report for 2016 has not yet been released.

jgraney@postmedia.com

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