CMHC Rental Market Report for Calgary
Please find attached the most recent CMHC Rental Market Report for Calgary… just issued today reflecting October 2016 statistics.
“The vacancy rate has moved well above historical averages largely due to a rise in supply in both the primary and secondary rental markets,” Richard Cho, Principal, Market Analysis (Calgary).
The overall vacancy rate has increased to 7.0% and the average rent is $1143 per month for purpose built suites. The average rent for a two-bedroom suite in a purpose built building is $1258 per month… with the lowest vacancy rates reported for the less expensive bachelor and one-bedrooms suites.
Key highlights of the overall market are:
* The apartment vacancy rate in Calgary rose for the third consecutive year, reaching 7.0% in October 2016, and is the highest level in over 25 years
* The average rent for a 2-bedroom apartment/suite in new and existing purpose built structures was $1258 per month and $1564 per month for a condominium unit in October 2016
* Rents have declined across all bedroom type suites
* New additions to the purpose-built and secondary rental markets have outpaced demand contributing to an increase in the vacancy rate
The secondary rental market captures the supply of condominiums available on the rental market. The number of rental condominium apartments increased to 18,172 suites in October 2016 from 16,810 in the same month in 2015. The vacancy rate for the secondary rental market is lower and reported at 4.4% due to renters wanting newer properties with better amenities. The average rent for a two- bedroom condominium suite is reported at $1564 in October 2016 down from $1746 from a year ago.
Please refer to the attached report for additional information.
Sincerely,
Lisa Hamielec, P.Eng.
Broker
