Navigating Calgary's Rising Rental Market: What $2,000 Can Get You
By Power Properties - June 27, 2024
As the rental market across Canada experiences significant shifts, Calgary stands out with one of the highest year-over-year rent increases. According to the latest data from Statistics Canada, rent prices in Alberta soared by 16.2% in April 2024 compared to the previous year. This marks the eighth consecutive month of rising rents in the province, a trend driven by increasing interprovincial migration.
Current Rental Landscape in Calgary
In Calgary, the average cost for a one-bedroom apartment sits at approximately $1,836. However, properties in desirable locations, like the Beltline neighborhood, often command higher prices. For instance, the average 600-square-foot, one-bedroom apartment in this area is currently available for $2195 per month. These apartments generally come with several amenities including gym facilities, common areas, pools, etc.
Comparing Calgary to Other Canadian Cities
While Calgary's rental prices are on the rise, they remain competitive compared to other major Canadian cities. Here's a snapshot of what $2,000 per month can get you across the country:
Vancouver, BC: A 380-square-foot studio apartment, often with shared or coin laundry facilities.
Edmonton, AB: A two-bedroom, two-bathroom unit with included utilities like heat and water, plus air conditioning.
Saskatoon, SK: A three-bedroom, one-bathroom apartment with 920 square feet of space.
Ottawa, ON: A studio apartment in the downtown core.
Toronto, ON: A compact 362-square-foot studio apartment in the bustling Dundas Square.
Montreal, QC: A 457-square-foot studio with amenities such as a pool and exercise room, although parking is extra.
Halifax, NS: A one-bedroom apartment just outside the downtown area.
Understanding the Market Trends
The significant rent increases in Calgary and other Canadian cities reflect broader economic trends. Factors such as interprovincial migration, low vacancy rates, and increasing demand for rental properties are all contributing to the rising costs. For Calgary residents and prospective renters, understanding these trends is crucial for navigating the market effectively.
Tips for Renters in Calgary
Explore Various Neighborhoods: While the Beltline is a popular choice, consider other neighborhoods outside the downtown core for more affordable options.
Budget for Additional Costs: Amenities such as in-suite laundry, security, and included utilities can add value to a rental property but may also come at a higher price.
Stay Informed: Keep an eye on market reports and rental trends to make informed decisions.
As rental prices continue to climb, it's essential for Calgarians to stay informed and flexible. By exploring different neighborhoods and understanding the current market dynamics, renters can find properties that meet their needs and budgets. At Power Properties, we are committed to helping you navigate this evolving landscape and find the perfect rental home in Calgary.
About Power Properties Ltd.
Founded in 1980, Power Properties has been providing hassle-free property management services to property owners, property investors and non-residents with homes in Calgary, Alberta for over 40 years. Our full-service property management includes everything from move in to move out, so you don’t have to worry about the day-to-day operations of your rental property. With a team of licensed professionals, years of experience, and award-winning service, you can rest assured that your property is in good hands.
