If you missed us at the Keyspire Summit in Toronto at the McGillivray Trusted Booth, we were showcasing the Calgary rental market and how awesome Alberta can be for investors. FOMO is real, so to make it a little easier we are posting our rental market update for all landlords that are currently in the Calgary market or are looking at purchasing rental investments in Calgary.
Note: all stats taken from rentfaster.ca
Below are a few graphs created from the data our team has researched over the years and this last month.
Interesting take aways happening in the Calgary Rental Market currently.
Average Rental Prices have increased for the last 4 years straight in Calgary
1 Bedroom Rental Prices in Calgary have increased 7% year after year.
2 Bedroom Rental Prices in Calgary have increased by 19% year after year. Wow.
4. 3 Bedroom Rental Prices in Calgary have increased by 17% year after year.
5. The NW Communities in Calgary see the highest rent in all bedroom types with the SE & SW Communities coming in a close 2nd.
What is happening in the rental market for 2024?
What is curious is that this year (2024) the Calgary Rental Prices have increased but minimally, which has created a balanced market. What is a balanced market? A balanced market is when there is an equal amount of inventory to satisfy renters needs and properties are renting in an orderly fashion. Standard negotiation and comparable prices are in play and neither tenants or landlords have an upper hand.
At the end of September 2024, there were currently 1,434 units on the rental market that are 1 bedrooms, there were 1,027 units on the rental market that are 2 bedrooms and there were only 477 units on the rental market that are 3 bedrooms. At the start of October those unit counts have increased drastically for 1 bedrooms, remained a similar amount for 2 and 3 bedrooms but have increased as well.
What does that tell us about Calgary's rental market?
There has been a decline in tenant demand across the board due to stabilized pricing in this balanced market. Tenants are aware the seasons are changing and typically with the seasons comes seasonal changes like decreases in pricing. Tenants will wait and see vs rushing in to get the unit they want as more inventory starts getting added to the market, which in turn forces rental pricing to decrease and the time to get a unit rented starts increasing.
What are some best ways to avoid the rental waiting game?
Price your Calgary rental appropriately.
Consider making the unit pet friendly.
Get professional photos or a video tour done.
Hire a licensed property manager to help get your unit noticed.
We hope you enjoyed our latest blog post. Don't hesitate to reach out for a FREE rental evaluation of your property in Calgary.
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