Calgary's rental market continued to show affordability in February, with median rents declining across the board, according to a recent report from the online rental marketplace Zumper.com. The city remains one of Canada's lower-cost rental markets among major urban centers, reinforcing its reputation for relatively accessible housing.
Declining Rents in Calgary
In February, the median monthly rent for a one-bedroom apartment in Calgary was $1,600, marking a one per cent decrease from January. Year over year, this figure dropped by more than four per cent, indicating a sustained downward trend in rental costs.
For two-bedroom units, the median rent stood at $1,930 in February, also down one per cent from the previous month and nearly four per cent lower compared to the same period last year. These declines highlight a cooling rental market in the city, potentially offering relief to tenants amid broader economic pressures.
National Rental Market Rankings
Calgary ranked as the 14th most expensive rental market out of 23 Canadian cities analyzed in the report. This positioning places it in the middle of the pack, with cities like Regina and Edmonton offering more affordable options, while Vancouver remains the priciest.
Regina held the title of the least costly market, with a median one-bedroom rent of $1,260 in February, down one per cent from January but up one per cent year over year. Two-bedroom apartments in Regina had a median rent of $1,450 per month, unchanged from January and up nearly one per cent from last year.
Comparison with Other Major Cities
Vancouver maintained its status as the highest rent market, with a median one-bedroom rent of $2,420 in February, a one per cent increase from January. However, year over year, this figure fell by more than five per cent. For two-bedroom units, the median rent was $3,360, flat from January but down nearly three per cent compared to the previous year.
Edmonton emerged as the second least costly market, with a median one-bedroom rent of $1,300, up about three per cent from January. Two-bedroom apartments in Edmonton had a median rent of $1,600, up almost one per cent month over month. Year-over-year rents for both unit types in Edmonton remained stable, showing no significant changes.
Implications for Renters and the Market
The declining rents in Calgary suggest a shift in the local housing landscape, possibly driven by factors such as increased supply, economic conditions, or demographic changes. This trend may benefit renters seeking more affordable options in a major city, though it also reflects broader national patterns where some markets are experiencing softening prices.
As rental costs fluctuate across Canada, reports like Zumper's provide valuable insights for tenants, landlords, and policymakers. Monitoring these trends is crucial for understanding housing affordability and making informed decisions in the real estate sector.
