Average monthly rents in Calgary fell in May, with some of the steepest declines recorded in the city's Northwest, according to the latest rental report from Liv.rent. However, furnished one-bedroom apartments in the Southwest bucked the downward trend, posting a significant price increase.
Unfurnished One-Bedroom Rents Drop
The average monthly rent for an unfurnished one-bedroom suite in Calgary dropped more than five percent year-over-year to $1,454. Month-over-month, the average rent edged up less than one percent from April's $1,440, marking the first increase in four months.
Furnished Units See Mixed Results
Furnished units experienced more substantial month-over-month declines overall. In the Northwest, the average rent for a furnished one-bedroom fell more than six percent from April. Conversely, the Southwest saw a nearly nine percent monthly jump in average rent for furnished one-bedroom units.
The citywide average monthly rent for a one-bedroom apartment was $1,590, largely flat compared to April.
Two-Bedroom Apartments Lead Declines
Two-bedroom apartments saw the largest year-over-year percentage decline in Calgary, falling more than seven percent. Edmonton also experienced a significant drop in two-bedroom rents, down almost seven percent. The report did not provide average rents for two-bedroom suites in either city.
Edmonton Market Remains Flat
In Edmonton, the average rent for a one-bedroom unfurnished suite increased by $9 from April to $1,249, showing essentially flat month-over-month growth. Year-over-year, the average price was down more than five percent.
Migration Slowdown Impacts Demand
Liv.rent's findings reflect its earlier forecast that slowing international migration will dampen demand for rental units across Canada. The report notes that Alberta will still see net migration, but growth has slowed from the peaks of 2023 and 2024 amid better supply in the market.
