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Tuesday, January 17, 2012

Calgary Vacancy Rates Dropping

by Denis Hrstic on Tue, Jan, 17, 2012 11:25 AM

Categories:Calgary Landlords,Calgary Market Trends,Calgary Real Estate

Growing migration and job creation tightened up Calgary's rental market in 2011, says a survey.

The apartment vacancy rate in Calgary decreased to 1.9 per cent, down from 3.6 per cent in the previous year, says the most recent rental market survey by Canada Mortgage and Housing Corp.

"Increased migration flows, supported by improving economic conditions and a return to robust job creation and lower unemployment, had increased demand for rental accommodations," says senior market analyst Richard Cho of CMHC.

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Most rental market zones in Calgary saw apartment vacancy rates decline in 2011 from the previous year, while others remained relatively stable.

The downtown zone had the lowest vacancy rate at one per cent in October, declining from 2.8 per cent a year earlier.

Meanwhile, other centres outside the city limits had one of the highest vacancy rates at 3.6 per cent.

For all bedroom types, the vacancy rate in 2011 declined from the previous year. Vacancies in October ranged from 1.8 per cent for one bedroom units to 3.3 per cent for units with three or more bedrooms.

Despite the reduction in vacancies, the average rent in Calgary remained relatively stable.

Following a 2.6 per cent reduction from October 2009 to October 2010, rents for all apartment units in Calgary increased 1.8 per cent this October.

Bachelor suites and two-bedroom units had the strongest year-over-year gain in same-sample rents, both up 1.9 per cent from October 2010.

Overall, the average two-bedroom rent in the Calgary area was $1,084 this October, up from $1,069 in October 2010.

Downtown had the highest average two-bedroom monthly rent, reaching $1,214 in October 2011, while it was $1,173 during the same month last year.

The lowest average two-bedroom rent was in the southeast at $947 per month, while in outlying communities such as Airdrie it was $944.

These two zones also had among the lowest average two-bedroom rent in the October 2010 survey.

The vacancy rate for rental condo apartments remained relatively unchanged from the previous year at 5.7 per cent in 2011.

"Although overall rental demand has been supported by improving economic conditions, factors such as heightened condominium supply and tenants moving into homeownership have kept the vacancy rate among condominium rentals from moving lower," says Cho.

The average condo rent in CMHC's October survey was $1,378 per month, up from $1,355 in 2010.

In the other secondary rental market, the number of renter households reached 54,878 in October compared to 53,312 in the same month in 2010.