Monday, August 15, 2016

Edmonton Slumlord Dave Martyshuk has rent increases stuffed

On August 1, tenants at the 102 year-old MacDonald Lofts located on 105 Avenue near the newly constructed Rogers Place in Edmonton were told that their rent was increasing by $300. This past week, Alberta Health Services deemed six of the building’s units unfit for human habitation, citing evidence such as “extensive cockroach and bedbugs infestation” and “urine and feces on the bathroom floor.”

The building’s landlord retracted the rent increase Friday – three days after AHS intervened.
Dave MartyshukDave Martyshuk is a 52-year-old businessman, and he believes he's “in the business of eliminating homelessness,” he says. But it doesn't come for free. Martyshuk’s business model is fairly simple. In addition to the MacDonald Lofts, which he rents out from $562 for a bachelor to $726 for a one-bedroom, he rents out houses and subdivides them into living quarters for up to six people who each pay $750 a month in rent.

Martyshuk spends a lot of his time finding tenants for his properties.
Dave Martyshuk
Martyshuk started investing in real estate in Edmonton in 2004. He started by renting to oil and gas workers looking for a room to stay during their off-weeks. In 2008 Martyshuk changed direction. Rather than renting to off-shift energy sector workers, he decided to target the hard to house. Martyshuk maintains that it was a good business decision. “My market tripled,” he says.

In 2012 he controlled 21 properties.