Apartment vacancy rate slowly declining
Posted Jul 26, 2011 12:54 pm.
This article is more than 5 years old.
The city’s apartment vacancy rate is on the decline.
The executive director with the Calgary Residential Rental Association says renewed economic optimism is attracting more people to the city.
“Well the numbers still look pretty good,” Gerry Baxter tells 660News. “They’ve certainly come down from where they were a year ago, vacancies not as high. People I talk to tell me they’re sitting at probably three per cent, maybe three-and-a-half, four per cent, in that general area.”
Those numbers are down from five per cent earlier in the year, and Baxter credits an improved economic outlook.
“We’ve some in migration this year, I think,” adds Baxter. “The jobs and economy” (have) picked up and improved a bit. So we’ve seen our vacancies come down from certainly the highs that they were at.”
He says a vacancy rate in the three, four per cent range is good for both owners and renters, adding that rental rates have stabilized and will likely remain where they are as we head into the fall. But he notes it’s been a busy year for landlords with a 43 per cent turnover rate in rental suites.
“The number one reason given every year for people who have moved out is a home purchase or a condo purchase,” says Baxter.
According to the CRRA, rents are averaging $1100 a month for a two bedroom unit, and $900 to a $1000 for a one bedroom suite.
