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