Calgary’s vacancies were up while rents were down for April over last year, according to a report released yesterday, which means good news for students looking for housing.
The report from Canada Mortgage and Housing Corporation said vacancies for two bedroom apartments rose 2.6 per cent to 6.8 over last year, while average rent for the same fell from $1,106 to $1,082, the third highest in the country.
Kelda Lundmark, a student at the University of Calgary said high vacancy rates made it possible for her to find the house she and her four roommates were looking for.
“Close to the university it’s hard to find a place,” she said “but there were quite a few options, even on our street we looked at three houses.”
Lundmark lives in west Bragg Creek, a 45-minute drive from the university, so she decided to move in with some friends for her second year. She said they looked at around eight houses, all near the university, before settling on theirs.
“The lower rent lets me not have to work as much so I can study more,” said Lundmark.
Several factors have led to the more renter-friendly market.
“Rental construction and competition from the condominium market added upward pressure on vacancy rates and historically low mortgage rates attracted renter households towards home ownership over the last year,” said Bob Dugan, chief economist at CMHC.
