Rents decline in Calgary as market cools in May
Unfurnished one-bedroom suites fell 5% year-over-year, while two-bedrooms saw the steepest drops across the city.
Calgary's rental market cooled in May, with significant year-over-year declines across most unit types.
Average rent for unfurnished one-bedroom suites fell more than five per cent compared to May last year, dropping to $1,454 per month. Month-over-month, the average crept up slightly — less than one per cent from April — marking the first increase in four months.
The Northwest saw steeper declines. Furnished one-bedroom apartments in that area dropped more than six per cent from April. But the Southwest bucked the trend, with furnished one-bedrooms jumping nearly nine per cent month-over-month to an average of $1,590.
Two-bedroom apartments showed the largest year-over-year percentage decline across the city, falling more than seven per cent. Edmonton experienced a similar drop for two-bedrooms.
The cooldown reflects earlier forecasts about slowing international migration. While Alberta continues to see net migration, growth has slowed from the peaks of 2023 and 2024 as housing supply has improved.
For renters, the shift offers some relief after years of tight markets and rising costs.