Calgarians looking for a place to hang their hat may notice there are a few more “For Rent” signs posted around the city.
Calgary’s vacancy rate has increased to between four and five per cent since hitting an all time low of only 0.5 per cent in 2006 and 2007, according to the Calgary Apartment Association (CAA).
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“The market has changed significantly from a couple years ago. Last year it was very difficult to find a place to rent because there were so few,” executive director of the CAA Gerry Baxter told Metro.
Baxter said the current market is more of a balance between landlords and tenants and gives renters more time to choose a place they want to live rather than make quick decisions.
“There will be much more to choose from now. The prices won’t necessarily go down because the costs are up, but rents won’t go up either.”
The current market is a result of newly built condominiums adding to the rental pool and fewer people are moving to the city, Baxter said.
Local renter 27-year-old Sylvia Smith had to settle for what she said was an “overpriced” rental unit in a location she didn’t want because of the low vacancy rates last year.
“But I only signed a six-month lease for a reason and now that vacancy rates are up I’m looking forward to finding a new place to live where I want,” she said.