Rental costs in Calgary have extended their downward trend through November, marking several consecutive months of declines, according to fresh market data. A new report from the online rental platform Liv.rent details a significant cooling in the city's rental market, though the trend is not uniform across all neighbourhoods and unit types.
Significant Year-Over-Year Declines
The latest figures paint a clear picture of shifting dynamics. The average monthly rent for an unfurnished one-bedroom suite settled at $1,488 in November. This represents a substantial decrease from the $1,661 average recorded in the same month last year, translating to a year-over-year drop of more than 10 percent.
Furnished one-bedroom units followed a similar path, with average rents falling to $1,605 in November. The decline for furnished suites was slightly steeper on an annual basis, coming in at 10.5 percent compared to 10.3 percent for unfurnished units.
A Sustained Four-Month Slide
Perhaps more telling for current renters and prospective tenants is the consistent month-to-month erosion of prices. The Liv.rent data confirms that average rents have now fallen for each of the last four months. Since August alone, the average rent in Calgary has decreased by more than six percent, indicating a accelerated correction in the latter part of the year.
Pockets of Resilience and Demand
Despite the broad cooling, the report identified specific areas and property types where demand remains robust, leading to stable or even increasing prices. In Calgary's northwest quadrant, average rents for unfurnished one- and two-bedroom apartments actually rose, reaching $1,554 and $1,805 per month, respectively.
The city centre saw upward pressure on larger units, with three-bedroom unfurnished suites averaging $2,771 monthly. Furthermore, demand for spacious furnished rentals strengthened in the northwest and southwest. Furnished three-bedroom units commanded an average of $2,465 in the northwest and $2,332 in the southwest during November.
The report also provided a snapshot of conditions in Edmonton, offering a contrast to Calgary's market. There, the average rent for an unfurnished one-bedroom unit was $1,290 in November, which is up approximately six percent from a year earlier but down three percent from October's figures.
The evolving rental landscape in Calgary suggests a market in transition, offering potential relief for tenants after a prolonged period of steep increases. However, the localized increases highlight the importance of neighbourhood and property type for both renters and investors monitoring the Alberta housing sector.
