It's getting tougher and tougher to find a rental home in Calgary
Pete Curtis and Tricia Flatley
Feb 04, 2012 07:31:28 AM
Finding a place to rent in Calgary is becoming more and more difficult and the experts say it's only likely to get worse.
According to Canada Mortgage and Housing, the number of newcomers to Calgary this year is expected to hit 17,000.
The Calgary Herald notes that number coincides with a vacancy rate in the city that's tumbled from 3.6 per cent in October of 2010 to 1.9 per cent a year later in October of 2011.
The saving grace might be the vacancy rate among condos in the city. Last October that number was sitting at 5.7 percent.
The President of Rentfaster.ca, Darren Paddock, says one and two bedroom suites -- under a $1000 a month and in decent areas of Calgary -- move to pretty quickly, but adds any type of apartments in the more coveted areas of the city aren't on the market long.
There are more dire predictions from the Chief Economist with the Calgary Chamber of Commerce. Ben Brunnen predicts if the tightening trend continues, 2013 could be prove to be a real tight rental market in the city with rents going up.