Vacancy rate down from last October
Canada Mortgage and Housing Corp. released a new report on the rental market in Alberta. Here’s how rent and vacancy rates changed in the Calgary census metropolitan area in October — the most current data available — compared to October 2016.
VACANCIES
Total vacancy rates on private apartments in the Calgary area tightened to 6.3 per cent from seven per cent year over year.
Bachelor-style units were the only segment to see vacancy rates rise, increasing to 5.6 per cent from 5.3 per cent. The highest vacancy rate was on apartments with three bedrooms or more at 7.1 per cent, down from 8.7 per cent a year ago.
Meanwhile, two-bedroom apartment vacancies slid to 6.9 per cent from 7.9 per cent, and one-bedroom units decreased to 5.8 per cent from 6.2 per cent, CMHC says.
RENT
The average amount tenants paid landlords in the Calgary area last month was $15 less than the same time in 2016. Across the Calgary area, the average rent was $1,128, down from $1,143 year over year.
Units with three or more bedrooms had the most similar rent to last year. The average rent for this segment was $1,254, inching back from $1,258 a year ago, says CMHC.
The average on two-bedroom units eased to $1,247 from $1,258, and on one-bedroom apartments, rent dipped to $1,020 from $1,050. Rent on bachelor units decreased to $825 from $858.