Calgary Multi-Family Market Report – Q3 | 2022

Calgary’s rental market has experienced record-breaking demand in 2022. Vacancy has dropped significantly despite thousands of new rental units built in the last year. Average rents are hitting $2.57 per square foot, the highest recorded rent per square foot in the last five years. We are seeing an increased demand for rental units with a low supply in the market. As a result of population growth and declining housing affordability, there are more people seeking rental apartments.

Vacancy has reached its all-time low in Calgary sitting at 1-2% in some areas. This is great for landlords but has made the rental market more competitive for renters, especially those looking for affordable rent. This lack of supply has significant­ly affected University of Calgary students as many struggle to find affordable housing in a competitive rental market. The U of C is experiencing a record number of students move to campus, leaving hun­dreds of students on waitlists. The demand remains strong for affordable rentals near the university dis­trict.

Alberta’s economy is optimistic with unemployment rates dropping, Calgary’s jobless rate sits at 8% which continues on the steady decline. Thousands of new jobs are being created to help diversify our economy.

Download a copy of the full report. Q3 2022 Multi-Family Report