Calgary's skyrocketing rent prices have increased by 12% this year

Calgary continues to be a hot spot for both local and international renters, and all that attention has been forcing prices in the area to surge.

A new report from Zumper has found that Alberta’s rental market has seen some of the largest annual rent growth rates in Canada. 

According to the report, rent in Calgary has increased by 12% since March of last year. The average cost to rent a one-bedroom apartment in the city now sits at $1,840 per month, while a two-bedroom apartment is around $2,100 monthly.

As unaffordable as those prices might be for many Calgarians, at least our increases haven’t been surging as high as our neighbours to the north. Edmonton saw the fastest-growing rent prices in the country, tripling to 27.5% over the past 12 months.

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There are a few factors cited in the report that have been contributing to the growing affordability problem.

“Interprovincial migration was a large contributor to the demand spike in this area. Alberta’s bustling job market, as employment rates reached record highs there, and overall affordability, especially when compared to pricy markets like Vancouver and Toronto, has made this province highly sought after,” reads the report.

While still significantly cheaper than other cities, Calgary still took the 11th spot for the highest rent prices in Canada, while Edmonton was further down on the list at #21.

At this rate, it might be only a matter of time before more Calgarians begin looking north for affordable living.