Rents on rise in Calgary’s secondary market

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It’s getting pricier to lease in Calgary, a brand new report has advised.

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Liv.lease — a secondary rental market itemizing service — examined listings for leases by homeowners within the metropolis for March, discovering rents elevated month over month for each furnished and unfurnished models.

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It’s the second month in a row that rents have gone up within the metropolis, the report additionally famous.

Month-to-month lease in March for a one-bedroom unfurnished residence in Calgary elevated by $21, or about one per cent, to $1,558 from February, the research discovered.

What’s extra, lease has elevated by almost six per cent from January for one-bedroom models.

The month-over-month improve was much more important for one-bedroom furnished models, up seven per cent in March from February to $1,829 per thirty days.

The report additionally pointed to emptiness dropping to 2.9 per cent nationally as a driving issue for rising rents throughout Canada, together with Calgary.

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Amid excessive immigration — Statistics Canada information reveals that 465,000 new everlasting residents will come to Canada this 12 months alone — demand for rental models is colliding with decrease new improvement for purpose-built multifamily leases, which have slowed on account of greater borrowing prices.

In flip, Liv.lease additional added these situations have led to greater demand for secondary rental models.

As properly, Calgary has benefited from greater interprovincial migration and is a extra engaging market with considerably decrease month-to-month rents within the secondary market than Toronto and Vancouver, it added.

In keeping with Liv.lease information, the common one-bedroom unfurnished residence in Toronto in March had a month-to-month lease of $2,231.

In Vancouver, the common lease for a one-bedroom unfurnished residence was $2,208.

Amongst Canada’s largest cities, Edmonton had the least pricey common month-to-month lease within the secondary market in March at $1,123.