Economic downturn impacts local rental properties

first_imgHowever, she also believes they’re not the only reason, and she also notes is this not first time this area has experienced and survived the downside of boom and bust economics.She cautioned that in terms of specifics her comments apply only to her clients and tenants.Powell described herself ‘a glass half full kind of person,’ and asked for her thoughts on what lies ahead for the local economy, she said. FORT ST. JOHN, B.C. — Among the local area consequences of the economic downturn has been a sharp rise in Fort St. John’s rental property vacancy rates.Lita Powell is one of the owners of the Li-Car Management Group, the property and strata management company formed in 1990.A long time Fort St. John resident, she has 43 years of experience behind her analysis and views of the current situation, and among other things, notes there are some in this area who have already been out of work for over a year.- Advertisement -Powell then focus on the rental property vacancy rate.So that led the discussion to the reasons for the high level of construction, which preceded the oversupply of rental units, and then eventually to our initial story motivation: tenant rental incentives.Lita believes however, there’s more to this part of the story than just the oil and gas industry woes, and she’s been in the area long enough to put a deja vu label on it.Advertisementlast_img read more