Calgary, the largest city in the province of Alberta, is a vibrant and diverse community that continues to attract people from all over Canada and around the world. As we move into 2023, the rental property market in Calgary is showing some interesting trends that are worth noting. Let’s take a closer look at some of these trends:
Increase in Rental Prices
One of the most significant trends we are seeing in the Calgary rental property market is an increase in rental prices, particularly in the downtown core. This increase is likely due to a combination of factors, including increased demand for rental properties for an increasing population, rising construction costs, and a limited supply of available units. In 2022, Alberta saw their largest population growth ever, since Statistics Canada began estimating populations in 1951. While the overall rental market in Calgary is still relatively affordable compared to other major cities in Canada, such as Vancouver or Toronto, we are seeing an upward trend in rental prices with the increase in population.
Green Rentals
Another trend that is worth noting in the Calgary rental market is the rise of “green” buildings. These are properties that have been designed with energy efficiency and sustainability in mind, using features such as solar panels, green roofs, and efficient heating and cooling systems. These properties are becoming increasingly popular with renters who want to live in a more environmentally friendly way.
Short-Term Rentals
While this trend is not unique to Calgary, it’s worth noting that the city has seen a significant increase in the number of short-term rental properties in recent years. This rise in short-term rentals has led to some concerns among both renters and landlords. Renters may find it difficult to secure long-term leases in certain areas of the city, while landlords may worry about the impact that short-term rentals could have on their property values. However, the City of Calgary has regulations aimed at addressing these concerns and ensuring that short-term rentals are operated safely and responsibly.
Post-COVID Considerations
It is worth noting that the COVID-19 pandemic has had an impact on the rental market in Calgary, as it has in other cities around the world. While the overall impact has been relatively minor, we have seen some changes in the types of rental properties that are in demand. For example, there has been an increase in demand for properties with extra room for a home office and more outdoor space, as more people are looking for ways to enjoy fresh air and exercise while staying close to home.
The rental property market in Calgary is showing some interesting trends as we move further into 2023. Whether you’re a landlord or considering renting a property in Calgary in the near future, it is important to keep these trends in mind and be prepared for potential changes in the market. If you’re looking for a reputable property management company to help you stay up to date with the latest trends, contact us today and we’ll be sure to assist you with all your property management needs!
