A recent article from Global News Calgary provides valuable insights into the evolving landscape of Calgary's rental market amidst the backdrop of economic recovery. The report highlights a notable decrease in the city's rental vacancy rate, which has fallen to 3.5% from January 2024 compared to 5.5% in the previous year, signaling increased demand for rental properties.
The surge in demand can be attributed to various factors, including a recovery in job opportunities, population growth, and heightened migration to the city. These factors underscore the importance of understanding market trends for both renters and landlords.
Additionally, the article sheds light on the impact of tightened rental market conditions on rental prices. Rents for both apartments and single-detached homes have seen significant increases, presenting challenges for renters, especially those with limited financial resources. As Landlords, we are currently experiencing this first hand, as we are experiencing a high volume of unqualified applications for tenancy in all areas, which in turn, creates a slower rental turnaround time.
At CIR Property Management, our goal is to find quality tenants for all our clients while avoiding any extended vacancy period. This means we might not be chasing the highest possible rental price, as we firmly believe that a good quality tenant who will take care of the property, far outweighs a higher rental price with a tenant who does not exemplify the same care.
We feel it is essential for making informed decisions for both renters and landlords to stay up-to-date regarding the intricacies of Calgary's rental market. By understanding the factors driving market dynamics, we believe landlords and tenants can better navigate this rapidly changing rental landscape.