The northeast community of Cityscape has been named the best place to rent in Calgary, based on affordability and a number of other factors.
A new report from online real estate marketplace Zolo has ranked neighbourhoods in the city to determine which is the best area to rent in. Zolo compared data for more than 180 communities in Calgary, and looked at affordability (weighted at 20%), cost comparison between renting and buying (40%), amenities (25%), and crime rate (15%).
This data included average house sale prices from the last three years, rental market rates for both 1-bedroom and 2-bedroom units, crime rates, WalkScores, and TransitScores for each neighbourhood.
On average, Zolo’s data shows that it is 50% more costly to buy a home than rent in Calgary. The average cost of a monthly mortgage across all neighbourhoods is $1,989, assuming homeowners put 20% down on a property. The report notes that, considering 32% of Canadians put less than 10% down on their home, this gap might be even more significant.
On the other hand, the average cost of rent across all communities is only $1,197.
- See also:
Cityscape, with an average rent of $1,186 per month, came out on top, and the neighbourhood has a WalkScore of 91, TransitScore of 80, and crime rate of 35.
The residential community is bordered by Métis Trail to the west, Country Hills Boulevard to the north, the future 60th Street NE extension to the east, and the future Airport Trail NE extension to the south.
With the highest walk and transit scores and lowest crime rate of the communities studied for the report, close access to the airport for anyone who loves to travel, and one of the most affordable average monthly rent prices, Cityscape was determined to be the best neighbourhood for renting in Calgary.
With a monthly mortgage payment averaging $1,631, renters can save approximately $445.50 each month by leasing a property over buying a home in this community.
Coming in behind Cityscape as the second best neighbourhood to rent in Calgary was Castleridge, also in the northeast quadrant of the city. This area also had an average rental cost of $1,186.
The top 10 neighbourhoods to rent in Calgary were as follows:
- Cityscape, NE — average rent: $1,186
- Castleridge, NE — average rent: $1,186
- Mission, city centre — average rent: $1,236
- Southview, SE — average rent: $1,113
- Cambrian Heights, NW — average rent: $1,236
- Ramsay, city centre – average rent: $1,236
- Abbeydale, NE– average rent: $1,186
- Erlton, city centre – average rent: $1,236
- Whitehorn, NE – average rent: $1,186
- Highwood, city centre – average rent: $1,236