Calgary’s vacancy rates are on the rise as the city’s rental prices are dropping.
Research from RentFaster.ca indicates that the average price for rent is down compared to this time last year.
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.
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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%.
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In addition to the rising vacancy rates and dropping rental prices, unemployment has also increased 51.3% over the last 12 months.