Rents drop but older units still hard to find

Calgary rents fell slightly in the first quarter of 2026, but the relief doesn't reach those who need it most. Average asking rents dropped from $1,620 to $1,550 for one-bedroom apartments—a decline economists attribute to a flood of newer, pricier units that sit vacant while older, cheaper apartments remain scarce.

The gap reveals a fractured rental market. While the city's overall vacancy rate hit five per cent, only 2.4 per cent of units built between 1980 and 1999 were available. Landlords rushed to build during the migration surge of 2023–2024, but the new stock caters to higher incomes with amenities and smaller layouts. "Historically there seems to be a base level of demand for older units that may have a bit more space to them, but also may be renting at a more affordable rate," said Taylor Pardy, senior economist at CMHC.

Meanwhile, the Calgary Housing Corporation's waitlist for affordable non-market units has grown to 7,711 households as of May. Michelle James, director of policy at Vibrant Communities Calgary, said shelters are seeing longer stays because affordable apartments simply don't exist. "We're still seeing folks who are relying on things like income support and living on minimum wage or fixed income experiencing increases in rent, which are increasingly putting people at risk of homelessness."

The city built nearly 5,500 homes in Q1—more than 60 per cent apartments, most rental—yet rents for lower-income tenants continue climbing. Supply alone hasn't solved the affordability crisis.