Calgary renters better hope the economy doesn’t really heat up
Posted Dec 12, 2013 10:58 am.
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Canada Mortgage and Housing reports the city’s vacancy rate has fallen from 1.3 per cent in October 2012 to an even one per cent at the end of October 2013.
At the same time, rental rates have risen about seven per cent, with a two-bedroom apartment in Calgary now fetching just over $1,200.00 per month.
The Executive Director of the Calgary Residential Rental Association, Gerry Baxter said, he’s actually pleasantly surprised the number isn’t lower.
“If we continue to prosper and create employment in this province, we’ll continue to see people migrating from other provinces to Alberta,” he said, adding he expects the vacancy rate in the city will hover around one per cent for the coming year, with new units coming on-line in the next couple of years.
However, Baxter said if our economy really takes off that would increase rental demand and further push down the vacancy rate and drive up rents because of supply and demand.
Calgary’s vacancy rate of one per cent is off the historic low of 0.5 per cent before the recession of 2008.
Baxter’s advice for those looking to rent, contact the landlord or management company of the building you like.
“A number of them take applications, you’ve got your application on file, but you certainly want to talk to them and find out if in fact, it looks like there might be anything coming up,” he said.
The Calgary Residential Rental Association reports over the course of the year, the turn over rate is above 30 per cent.
It’s even more difficult to find a rental unit in High River, Okotoks and Canmore, which according to CMHC have vacancy rates of zero.
