The economic downturn is certainly having an effect on Calgary’s rental market.
It’s now sitting at 5.3 per cent which is a dramatic increase from 1.4 per cent in October 2014.
There is a lot of choice out there and landlords are having trouble filling vacant units.
Gerry Baxter with the Calgary Residential Rental Association said that he knew it was up with all of the out-migration happening, but this is bigger than anticipated.
“Right now, it’s a tenant market because there’s an abundance of vacant units across the city,” Baxter told 660 NEWS. “Even a year and a half ago, the market was fairly tight and it was difficult for people to find somewhere.”
He added that the ten dollar bump in average rent since this time last year likely happened either in late 2014 or early 2015.
“Most people that I speak with today are certainly not looking to increase rents. In fact, many of them have actually reduced their rents to try and attract clientele or customers to their buildings.”
He said that this might be a great opportunity for landlords to become more involved with social housing agencies so that they can fill units and assist people in need.
“So many people have left the province, again. We went through this back in 2008 and 2009, but not quite as severe as what we’re seeing today.”