Calgary’s vacancy rates are on the rise as the city’s rental prices are dropping.
According to the site the overall average rental price in Calgary is $1,577, the average price for Calgary apartments is $1,288 and for Calgary basements is $988.
Along with the decrease in rental prices, rental vacancy rates have shot up to 5.3% as of October 2015, a year-on-year rise of 3.9% according to a CHS — Rental Market Survey 2015.
The data certainly suggests that Calgary it is a renter’s market, and the competition for tenants is making it tough for those who are renting out spaces.
Nationally, vacancy rates for urban centres have had a less dramatic increase from 2.7 to 3.3%.
In addition to the rising vacancy rates and dropping rental prices, unemployment has also increased 51.3% over the last 12 months.