The Rental Market in Calgary is Easing but is Still Tight
The vacancy rate for rental apartments has gone up a bit during the past 12 months but is still considered extremely tight. In October, the rate went up to 1.4%, which was an increase over the 1% that it was sitting at one year ago.
The rental market survey for fall that was issued by Canada Mortgage and Housing Corporation released the statistics. As well, the report showed that rents on average here in the city of Calgary are the highest in Canada.
The demand for apartments has remained high due to the continued net migration into the city. At the same time, however, new inventory has been added, leading to a slight increase in the vacancy rate.
With the market still tight, the rents continue to go up. In fact, Calgarians have to pay the highest rent when compared to the rest of Canada. In October, the average rent for a 2-bedroom apartment was $1,322 monthly. In Vancouver, the average rent was $1,311 and in Toronto it was $1,251 per month. The report also showed that the average rate for a rental on a one-bedroom apartment went up 7.1% on a year over year basis. The average rent went up 5.9% for 2-bedroom apartments and 5.6% for units with 3 bedrooms.
The highest rents on average for 2-bedroom units were found in the Beltline and Downtown zones. The average cost for renting a2-bedroom apartment in the Beltline area in October was $1,441 and the average was $1,409 in the Downtown zone.
Calgarians are still having a difficult time finding an apartment even though the rental market is easing up a bit. Hopefully more relief will come when the colder weather hits and fewer people are looking for a new rental unit.Posted by on