Quick answer. Calgary's apartment vacancy rate is 5.0% per CMHC's October 2025 Rental Market Survey (published December 2025), up from 1.4% in 2023. Vacancy by unit type: studios 6.0%, 1-bedroom 4.3%, 2-bedroom 5.6%, 3-bedroom+ 3.8%. Average purpose-built rents per CMHC October 2025 data: studio $1,441, 1-bedroom $1,581, 2-bedroom $1,908, 3-bedroom+ $2,171. Citywide average across all unit sizes: $1,761. Asking rents (from active listings, Rentals.ca May 2026 National Rent Report): down 5% year-over-year, the fifth consecutive month of decline in Calgary as part of a 20-month national streak of moderating asking rents. Cause: approximately 7,000 net new purpose-built rental units were delivered in Calgary in 2024 with continued 2025-2026 supply increases, moderating the tight-market conditions that peaked in 2022-2023. CMHC's forecast holds vacancy near 5-6% through 2026. For landlords: price at rented (not listed) comparables, prioritize tenant retention over aggressive rent increases at renewal, and factor 20-40 additional days of vacancy on any listing priced 5%+ above adjusted-comparable market. Sources: CMHC Rental Market Survey (October 2025 data, published December 2025); Rentals.ca and Urbanation National Rent Report (May 2026); SQRFT Calgary Rent Report (May 2026).
The Data by Unit Type
CMHC October 2025 purpose-built rental data for Calgary:
- Studio: vacancy 6.0%, average rent $1,441/month.
- 1-bedroom: vacancy 4.3%, average rent $1,581/month.
- 2-bedroom: vacancy 5.6%, average rent $1,908/month.
- 3-bedroom or more: vacancy 3.8%, average rent $2,171/month.
- Citywide average across all sizes: $1,761/month.
The 3+ bedroom segment shows the tightest vacancy — family housing remains in relatively short supply despite the broader softening. Studios and 2-bedroom units have absorbed the most purpose-built rental supply and show the loosest conditions.
The Trajectory: How We Got Here
- 2023: vacancy 1.4%. Tight market, aggressive rent increases, tenants competing for units.
- 2024: vacancy 4.6%. First softening as purpose-built rental construction started delivering.
- 2025: vacancy 5.8%. Full renter's market conditions in most submarkets. Rent growth flat or slightly negative on turnover.
- October 2025 CMHC: 5.0%.
- 2026 CMHC forecast: near 5-6% through year-end.
The mechanism is not demand collapse — Calgary population growth remains among Canada's strongest. The mechanism is supply: a five-year construction pipeline started in 2020-2022 is completing units into 2024-2026 in exactly the neighbourhoods where competition matters (Beltline, East Village, Kensington, University District, Seton, Currie).
Asking Rent vs Actual (Rented) Rent Gap
An important distinction. CMHC data ($1,441-$2,171 above) is 'in-place' rent — what current tenants are actually paying, including many multi-year tenancies at below-current-market rates. Asking rent (Rentals.ca) is what landlords are advertising on NEW listings. Currently, asking rents are DECLINING year-over-year (down 5% per Rentals.ca May 2026) because the supply-side softening is pushing new listings lower. For landlords pricing new listings or renewals, the ASKING rent trend is the relevant number, not the higher in-place average from CMHC data. Comparable properties leasing in the past 30-60 days are the correct benchmark.
What This Means for Landlord Tactics
- Price new listings at RENTED comparables from the past 30-60 days, not at listed active comparables (which include the units that have not yet rented, biasing upward).
- Overpricing 3-5% above comparable typically extends time-to-lease by 15-25 days; overpricing 8-10% typically extends by 30-40+ days.
- At renewal, modest 2-3% increases retain tenants; aggressive 8-10% increases typically trigger tenant to shop and often lose the tenant.
- Professional photography and multi-platform listing are more important in a soft market than in a tight market.
- Legal secondary suites become materially more valuable — adding a suite unlocks the SFH-with-suite cash-flow profile that the renter's market otherwise makes hard to achieve.
Submarket Variation
The 5.0% citywide figure hides significant submarket variation. Softest: downtown high-rise condos and buildings competing with new purpose-built rental towers (typical vacancy 7-9%). Moderate: established suburban condos, mid-priced SFH (5-7%). Tighter: quality SFH in family-friendly neighbourhoods with good schools (3-5%). Tightest: legal secondary suites in established inner-city, character homes, executive rentals (under 3%). Property-specific analysis is more useful than citywide averages.
Frequently Asked Questions
When will Calgary vacancy tighten again?
CMHC's outlook holds vacancy near 5-6% through 2026. Beyond that, timing depends on continued population growth versus the pace of remaining rental supply delivery. Most industry observers expect a gradual tightening over 2027-2028 as supply delivery slows but do not expect a return to 2022-2023 sub-2% conditions in the medium term.
Are rents actually declining or just moderating?
Both, depending on the measure. Asking rents (new listings) are down approximately 5% YoY per Rentals.ca. In-place average rents (existing tenants) are relatively flat because most existing tenants are on multi-year leases and not affected by the softer new-listing market yet. When existing leases turn over into the current market, in-place averages will follow the asking rents down.
Should I hold or sell my Calgary rental in this market?
Depends on your specific property, cash flow position, and long-term hold horizon. See our cap rate guide and cash-on-cash return guide for the frameworks. Selling in a softer market may or may not be the right call depending on your basis, cash-flow position, and reinvestment alternatives.
Does UrbanLease track this market data?
Yes. UrbanLease tracks Calgary rented comparables at the neighbourhood level and prices managed listings within 3% of actual clearing rates. See /rent-estimate for a free property-specific rent estimate. Property management services provided by Chabi.ca.
Bottom Line
Calgary rental market Q4 2026 is a renter's market. 5.0% vacancy, asking rents down 5% YoY, forecast to hold through year-end. Landlord tactics that work in this environment: rented-comp pricing, tenant retention, professional marketing, legal suite unlock for SFH. UrbanLease manages Calgary rentals under this market discipline through Chabi.ca.
Reviewed 2026-08-02. General information only. Market data sourced from CMHC Rental Market Survey (October 2025 data), Rentals.ca May 2026 National Rent Report, and SQRFT Calgary Rent Report. Data as of the sources' publication dates; verify current numbers on the source portals.