Market Data

Calgary Rental Market
Report 2026

Average rents by neighbourhood, vacancy rates, and market trends — updated quarterly by the UrbanLease team. Data sourced from CMHC, active listings, and our managed portfolio.

Last updated: March 2026

Avg. 1-Bedroom Rent

$1,619

-5% YoY YoY

Avg. 2-Bedroom Rent

$1,908

-4% YoY YoY

Citywide Vacancy Rate

5.0%

+0.4% YoY YoY

Calgary Population

1.56M

+2.9% YoY YoY

Average Rent by Calgary Neighbourhood

Monthly asking rent for typical units. Q1 2026 data.

NeighbourhoodStudio1 Bed2 BedMarket
Beltline$1,275$1,620$2,050Warm
Mission$1,225$1,575$2,000Warm
Kensington$1,175$1,525$1,950Stable
Inglewood$1,125$1,475$1,875Stable
Marda Loop$1,150$1,500$1,925Stable
Evanston$975$1,325$1,725Stable
Nolan Hill$1,025$1,375$1,775Stable
Mahogany$1,075$1,435$1,850Warm
Auburn Bay$1,025$1,375$1,775Stable
Legacy$975$1,325$1,700Stable
Sage Hill$1,025$1,335$1,735Stable
Tuscany$975$1,315$1,695Stable
Panorama Hills$950$1,285$1,655Stable
McKenzie Towne$975$1,325$1,695Stable
Bridgeland$1,225$1,565$1,975Warm
Varsity$1,000$1,345$1,745Stable
Hillhurst$1,150$1,495$1,900Warm
Altadore$1,100$1,450$1,875Warm
Cougar Ridge$1,000$1,345$1,750Stable
Royal Oak$975$1,320$1,710Stable

* Estimates based on active listings, CMHC data, and UrbanLease managed properties. Individual rents vary by unit condition, floor, and amenities.

Key Market Trends — 2026

Vacancy at 5% — renters have more negotiating power in 2026

Calgary's purpose-built rental vacancy rate reached 5.0% in October 2025 (CMHC), up sharply from 1.4% in 2023. Record new supply — over 7,000 units delivered in 2024 and rental supply growing 11% in 2025 — has shifted the market toward renters. Landlords, particularly in newer apartment buildings and the NE quadrant, are offering incentives like first month free and flexible deposits to attract tenants.

Inner-city and SW communities holding firm

Not all sub-markets are equally soft. SW Calgary maintains the lowest vacancy and highest average rents among all quadrants. Walkable inner-city communities like Bridgeland, Mission, Marda Loop, and Hillhurst continue to outperform as tenants prioritize transit access and walkability. Single-family and townhouse rentals also remain tight, as new construction has been almost entirely concentrated in apartment formats.

Apartment rents softest — 3-bedrooms still hold value

The correction is concentrated in apartment-style condos, where YoY asking rents are down 4–8% (Zumper, Q1 2026). CMHC purpose-built data shows 1-beds at $1,581/month and 2-beds at $1,908/month. Townhouses and single-family homes face far less supply pressure, keeping 3-bedroom rents ($2,175–$2,700/month) relatively stable. Calgary still sits 33–45% cheaper than Toronto and Vancouver equivalents.

Population growth remains strong — long-term fundamentals intact

Calgary reached 1.56 million residents in 2025, growing at +2.9% — tied for highest among all major Canadian cities (Statistics Canada). While federal study permit cuts have reduced international student arrivals, interprovincial migration from Ontario and BC remains the dominant driver. The ~26,000 units under construction are expected to be absorbed as population growth continues. Market balance is projected to return by 2027.

Condo benchmark down 9.3% — buying opportunity for investors

The apartment condo benchmark price in Calgary fell to $298,600 in February 2026 (CREB), down 9.3% year-over-year — the steepest decline among all Canadian cities. With 4.6 months of supply and investor demand retreating, buyers hold significant negotiating power. For long-term investors, this represents entry at a generational discount relative to Toronto ($626,650 avg) and Vancouver ($739,258 avg) condos.

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