Housing (Rental)

From Calgarypedia

There are a wide variety of residences for rent in Calgary. The most common rental property is an apartment within a multi-unit building; however, condos, houses, basement suites and even single rooms are also possibilities. Consistently strong employment levels and high wages contribute to the rising cost of rents in Calgary. At the same time, rental vacancies have risen. The one-point gain in vacancy rates in 2007 can be attributed to two factors: a moderation in net migration and tenants moving to home ownership.

Apartment Rentals

Calgary experiences one of the lowest apartment rental vacancy rates as well as the highest monthly rents in Canada. In 2007, Calgary had a vacancy rate of 1.5%, up 1% from the 0.5% vacancy rate the year previous. Despite the rising vacancy rate, rents continue to climb. In 2007, the average rent for two-bedroom units in the Calgary metro area was $960 while, in 2008, that figure rose to $1,089.

While vacancy rates rose in all areas of the city in 2007, the northwest saw the largest increase at 2.7%, whereas Chinook, in the southwest near downtown, only recorded an increase of 0.3%. Apartments are mostly found clustered in and around the downtown area. Areas such as the Beltline, the Downtown West End and the Downtown East Village continue to have the highest concentration of apartment buildings in the Calgary metro area. In 2007, there were a total of 38,150 units in the rental apartment universe, down 5.4% from the prior year when there were 40,333 total units. The decrease is largely attributed to the conversion of these rental properties to condominium ownership properties.

Row House Rentals

The vacancy rate for row houses increased to 2.1% in 2007, up from 0.7% in 2006. The highest row vacancy rate of 3.9% was found in the southeast while the lowest was in the North Hill area. The average rent was similar to that of an apartment unit, at $1,037 in 2007. There were nearly 400 fewer row units available for rent in 2007 compared to the year previous due to the conversion of existing rental units to properties for purchase. In 2007, there were 4,122 total properties available.

Condominium Rentals

In 2007, over 20%, or 6,447, of all condominium units in Calgary were rented. The overall rental condo vacancy was 0.7% in 2007, unchanged from 2006. The total number of condo units in the city was 30,109. As the number of new construction of condominiums in Calgary continues to rise, more units will be introduced into the rental market. In 2007, the average rent for a two-bedroom condominium was $1,217 per month. The majority of condos available for rent are situated in the downtown core and surrounding areas.

Secondary Rented Units

Secondary rented units include single-detached houses, rooms with shared common space and basement apartments; the practice is similar to subletting. The average rent for secondary units was $1,045 in 2007 and ranged from $789 per month for an accessory suite to $1,242 for a single-detached house. Accessory suites refer to a separate dwelling unit that is contained within a principal or accessory building and is subordinate to the principal dwelling unit; for example, a guest house or a rented room in a three-bedroom house. Accessory units are the most affordable dwellings in the Calgary area.

Specialty Rentals

Students

Many students relocating to Calgary to attend university or college find accommodations through their respective institutions. The University of Calgary, Mount Royal College and the Southern Alberta Institute of Technology all have student housing departments that help students find accommodations both on- and off-campus.

Seniors

There are a number of seniors’ communities located throughout Calgary. They range from independent living condos to assisted living facilities. Further information and a list of communities can be found on Calgaryarea.com's page for Seniors Housing.