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Calgary Rental Market Update — September 28, 2026: More Choice and Softer Asking Rents
Calgary’s rental market softened further this week. Live listing data shows lower asking rents and substantial availability, while new population figures confirm Alberta is still growing—but with a changing mix of rental demand.
One-bedroom asking rents moved lower
Confirmed live-market signal
RentFaster’s September 28 Calgary snapshot shows average asking rents of:
One bedroom: $1,458, down $15
Two bedrooms: $1,850, down $5
Three bedrooms: $2,272, down $3
The movement is modest, but the one-bedroom decline is consistent with the competitive conditions reported throughout September. Apartments and condominiums remain considerably more expensive than basement suites: current one-bedroom averages are approximately $1,642 for apartments, $1,688 for condos and $1,181 for basement suites. RentFaster.ca
A second live-data provider, Real-IQ, estimated listing-based vacancy at 6.7% on September 28, using 8,220 active listing data points. It reported average asking rents of $1,475 for a one-bedroom and $1,799 for a two-bedroom. This is not CMHC’s official surveyed vacancy rate, and the two listing platforms use different property mixes and methods, but both point to plentiful tenant choice. real-iq.ca
Why it matters: Properties priced above close neighbourhood comparables may receive fewer inquiries even when the difference is relatively small. The market is especially segmented by property type and location.
Practical takeaway: Landlords should compare against similar nearby properties rather than relying on a city-wide average. Tenants should compare incentives, utilities, parking and renewal terms—not only the advertised monthly rent.
Alberta is still growing, but temporary-resident demand eased
Confirmed provincial data; Calgary impact is an inference
Statistics Canada reported on September 23 that Alberta’s population reached 5,101,050 on July 1, an increase of 0.4% during the second quarter.
Alberta welcomed approximately 13,647 immigrants during the quarter, 8.2% more than during the same period in 2025. However, its estimated non-permanent-resident population declined 0.6% quarter over quarter, to 279,477. The estimates are preliminary and apply to Alberta as a whole, not Calgary specifically. www150.statcan.gc.ca
Why it matters: Population growth continues to support housing demand, but fewer non-permanent residents may reduce pressure in rental segments commonly used by students, recent arrivals and temporary workers. That helps explain how Alberta can keep growing while Calgary’s rental availability also rises.
Practical takeaway: Owners should not assume provincial population growth will translate directly into faster leasing or higher rents. Local employment, neighbourhood demand and the type of unit being offered remain more important.
Five-year view: three-bedroom rents remain elevated
The latest five-year history from Statistics Canada’s CMHC rental series shows Calgary’s average three-bedroom rent rising from $1,431 in 2021 to $1,579 in 2022, $1,794 in 2023, $1,977 in 2024 and $2,118 in 2025—a 48% increase across the five annual observations. September 28, 2026, listing data places the current average asking rent for a Calgary three-bedroom property at approximately $2,272. The figures are not directly interchangeable: the historical series measures occupied units in row and apartment buildings with at least three units, while the current figure covers advertised listings across property types. Together, they show that larger Calgary rentals remain considerably more expensive than five years ago, even as the broader rental market has softened. Owners and renters should therefore compare properties by neighbourhood, housing type and condition rather than relying solely on the city-wide average. (Statistics Canada, RentFaster)
Calgary’s supply pipeline remains large despite fewer new rental starts
Confirmed construction data
CMHC’s Calgary figures show 25,049 homes under construction in August, up 2% from July. Another 17,069 permitted units had not yet started, while 1,715 homes were completed during the month. CMHC
The longer-term picture is beginning to change. CMHC’s Fall 2026 Housing Supply Report found that Calgary’s purpose-built rental starts fell more than 30% during the first half of 2026. At the same time, rental completions rose from 4,155 units in the first half of 2025 to 5,762 units in 2026, an increase of approximately 39%. CMHC
Why it matters: Calgary is shifting from starting projects to delivering projects begun during the tighter 2023–2025 market. That should keep leasing competitive in the near term, even though fewer rental starts could eventually slow supply growth.
Practical takeaway: Renters should continue to see meaningful choice as existing projects open. Owners and developers should use conservative lease-up and rent assumptions while the current pipeline is absorbed.
Rentch’s take
The clearest signal this week is the combination of softer one-bedroom asking rents and high availability. Calgary is still attracting residents, but completed rental supply is currently arriving faster than the market can absorb at previous asking prices. Accurate, property-specific pricing remains more important than broad assumptions about population growth or future supply.
Calgary Rental Market Update: Rents Hold Steady as Construction and Financing Risks Shift
September 21, 2026
Calgary’s rental market changed little over the past week. Asking rents remain soft, while new national data points to moderating construction activity and a less predictable interest-rate outlook.
Calgary asking rents remain flat
Confirmed market signal
On September 21, RentFaster’s Calgary listings showed average asking rents of:
Studio: $1,333
One bedroom: $1,473
Two bedrooms: $1,855
One- and two-bedroom averages moved by only a few dollars from the previous week. That stability does not reverse Calgary’s broader year-over-year decline; it suggests that asking rents may be settling after earlier reductions.
Property type still makes a substantial difference. Average one-bedroom asking rents were approximately $1,648 for apartments, $1,694 for condominiums and $1,190 for basement suites. These figures represent active listings—not completed leases—and can change as the mix of available properties shifts. View RentFaster’s current rent report.
Why it matters: A city-wide average is increasingly unreliable for pricing an individual property. Location, property type, condition, parking and included utilities can produce materially different results.
Practical takeaway: Landlords should rely on recent, directly comparable listings and monitor inquiry quality after launch. Tenants may find the strongest negotiating position among higher-priced apartments and condominiums, where competition remains greater.
Housing construction is beginning to moderate nationally
Confirmed data; early Calgary indicator
CMHC reported on September 16 that Canada’s six-month housing-start trend declined 1.3% in August, to an annualized 244,149 units. Actual starts in urban centres were 2% lower than a year earlier, while year-to-date starts were down 4%. See CMHC’s August construction release.
This is not proof that Calgary’s large housing pipeline has reversed. Many local projects are already under construction and will continue reaching the market. It is, however, an early indication that today’s elevated building pace may not continue indefinitely.
Why it matters: Near-term completions should continue giving Calgary renters more choice. If fewer projects begin construction, supply growth could slow later—but financing, population growth and local project economics will determine the outcome.
Practical takeaway: Owners and developers should not base decisions on either permanent oversupply or a rapid return to tight conditions. Use conservative rent assumptions and allow for longer lease-up periods when assessing new projects.
Interest-rate uncertainty has increased
Confirmed policy position; future change remains conditional
Minutes released September 16 from the Bank of Canada’s September 2 decision showed concern that elevated energy prices could spread into broader inflation. The Bank kept its policy rate at 2.25%, and a future increase was discussed as a possibility only if inflation pressures became more widespread—not as a decided course of action. Read the September 16 report on the Bank’s deliberations.
Why it matters: An extended period of higher borrowing costs would affect variable-rate debt, mortgage renewals and the economics of new rental construction. It would not automatically translate into higher market rents, especially while Calgary tenants have substantial choice.
Practical takeaway: Property owners approaching refinancing should test their budgets at several interest rates rather than counting on near-term relief. Renters should view the development as a financing risk—not evidence of an immediate change in asking rents.
Rentch’s take
Calgary’s rental market appears stable week to week, but still competitive. Accurate property-level pricing matters more than broad averages, and owners should keep financing assumptions conservative while the direction of construction and interest rates becomes clearer.
Calgary Rental Market Update — September 14, 2026
New monthly data confirms that Calgary remains one of Canada’s softer major rental markets. The overall decline is gradual, but furnished rentals and some secondary-market properties are experiencing substantially greater pressure.
Calgary records the largest annual rent decline among major markets
According to the Rentals.ca and Urbanation September report, Calgary apartment and condominium asking rents averaged approximately $1,825 in August.
That represented:
A 0.2% decline from July
A 4.5% decline from August 2025
The largest annual decrease among Canada’s six largest rental markets
Nationally, purpose-built apartments were more resilient than condominium rentals, houses and townhouses. Read the Rentals.ca September report.
RentFaster’s live data also showed mild continued softness during the following week, with Calgary one-bedroom asking rents moving from approximately $1,481 to $1,471 and two-bedrooms from $1,859 to $1,854. View the RentFaster report.
What this means for landlords
The Calgary rental market has not collapsed. However, landlords relying on rental expectations established during the tighter 2024 and 2025 markets may experience longer vacancies.
A seemingly small pricing difference can become expensive when it leaves a property vacant. One month without a tenant will usually cost more than a modest adjustment made early in the advertising period.
City-wide figures should be treated as context. The most reliable pricing decision still comes from current comparable listings in the same neighbourhood, property category, bedroom count and condition.
Furnished rentals face greater pressure
Liv.rent’s September Calgary report placed the average furnished one-bedroom asking rent at approximately $1,539, down 13.5% year-over-year. Unfurnished one-bedroom rents declined by a more moderate 5.3% over the same period. Read the Liv.rent Calgary report.
This is an early market indicator based on advertised properties, but the size of the difference is notable.
What this means for furnished-property owners
A furnished property should be evaluated on its net premium—not simply its advertised rent. Owners should account for:
Included utilities
Furniture replacement and depreciation
Additional wear
More frequent turnover
Cleaning and setup expenses
Potentially longer vacancy periods
If the remaining premium is small, offering the property unfurnished may produce a better and more predictable return.
Alberta announces a major affordable-housing investment
On September 9, the governments of Alberta and Canada announced more than $385 million toward at least 1,460 affordable homes across 21 Alberta projects. The proposed developments will include supportive and transitional housing, with additional funding expected from other sources. Government of Alberta announcements and Canadian Press reporting provide further details.
The number and location of Calgary projects have not yet been fully identified.
What this means for Calgary
This announcement will not materially change private rental conditions in the immediate future. It does, however, add to Alberta’s longer-term housing-supply pipeline.
Once project locations and construction timelines are confirmed, nearby landlords will be able to assess whether the developments could affect future demand in their particular market segment.
Operating costs remain under pressure
Canada’s annual inflation rate remained 3.0% in August, while gasoline prices were 22.8% higher than one year earlier. Shelter inflation was comparatively modest at 1.5%. Statistics Canada’s Consumer Price Index portal provides the latest figures.
Higher transportation costs can eventually appear in contractor travel charges, service calls and maintenance pricing—even while rental income remains under pressure.
Landlords should examine vendor increases carefully and determine whether they reflect documented cost changes or simply broad price adjustments.
Rentch’s take
The most important development is not a dramatic week-to-week rent change. It is the growing evidence that Calgary’s rental market has become more price-sensitive, particularly for furnished homes, condominiums and other secondary-market rentals. Well-maintained and accurately priced properties should continue to attract qualified tenants. The risk lies in holding onto outdated rent expectations while competing listings adjust around them.
Calgary Rental Market Update — September 7, 2026
Calgary’s rental market remained relatively stable heading into September, although conditions continue to give prospective tenants more choice than they had during the exceptionally tight markets of recent years. Here are the developments Calgary landlords and tenants should know this week.
Calgary asking rents level off
RentFaster’s September 7 snapshot placed average Calgary asking rents at approximately:
$1,310 for a studio
$1,481 for a one-bedroom
$1,859 for a two-bedroom
These figures changed very little from late August. That suggests rents may be stabilizing after earlier declines, but it is not yet evidence of a meaningful recovery.
The type of property continues to matter. RentFaster reported an average one-bedroom apartment rent of approximately $1,647, compared with about $1,197 for a one-bedroom basement suite. View the current RentFaster report.
What this means for landlords
Calgary is not one uniform rental market. Condominiums, purpose-built apartments, basement suites and houses can perform very differently, even within the same neighbourhood.
Pricing should therefore be based on recently listed comparable properties—not the city-wide average or the rent achieved by a similar property a year ago. When a well-presented listing produces little qualified interest, the asking price should be reviewed promptly.
Employment conditions present an early caution signal
Statistics Canada’s August Labour Force Survey showed Alberta’s unemployment rate improving slightly from 7.0% to 6.8%. However, employment across the province declined by approximately 8,900 positions during the month, while Calgary-region employment decreased by approximately 1,300.
Nationally, employment fell by 41,700 positions, with most of the decline occurring in full-time work. Statistics Canada’s August Labour Force Survey and the City of Calgary’s labour-market reports provide additional detail.
What this means for the rental market
One weaker month does not establish a long-term trend. Nevertheless, employment stability affects how quickly homes lease, the price prospective tenants can afford and the likelihood that households experience financial pressure during a tenancy.
For landlords, the appropriate response is careful pricing and consistent applicant verification—not automatically relaxing rental criteria simply to fill a vacancy.
Alberta tenancy-law watch
No new Alberta Residential Tenancies Act or Residential Tenancy Dispute Resolution Service requirement took effect this week.
One pending change remains worth watching. Bill 31 contains an amendment that would extend the required notice for terminating certain periodic tenancies for condominium conversion from 180 to 365 days. The amendment depends on proclamation and should not be treated as being in force without confirming its current legal status. Government of Alberta Bill 31 information and the official bill are available online.
Rentch’s take
Calgary’s rental market appears to be levelling out, but landlords should not mistake stability for renewed upward momentum. Accurate neighbourhood-level pricing, strong presentation and timely responses to market feedback remain the best protection against extended vacancy.
The Rise of the “Missing Middle” in Calgary
8 Plexes. We have been busy renting 8 Plexes. Everyone has an opinion about them and they have popped up on every corner lot. Calgary's recent zoning changes are reshaping the city's residential landscape — and 8-plexes are emerging as one of the most compelling investment opportunities in a generation.
New city-wide housing policies have opened the door for a surge in multi-family developments, particularly in established inner-city neighbourhoods like Mount Pleasant, Tuxedo Park, and West Hillhurst. The 8-plex — typically designed with four upper and four lower units — sits in a sweet spot: it generates substantially more rental income than a duplex or single-family home, yet remains far more manageable than a large apartment building.
For Calgary investors, that balance is increasingly hard to ignore. And for those who want to make the numbers work from day one, understanding the financing requirements is essential.
What makes 8-plexes different
Managing an 8-plex isn't simply an extension of running a single-family rental — it's a fundamentally different operation. Here's what sets them apart:
Eight separate leases, eight sets of tenant needs, and eight overlapping timelines for renewals and move-outs demand a coordinated system.
While units may have individual HVAC and plumbing, the roof, exterior, and foundation are shared — requiring proactive, coordinated upkeep.
More units mean more lease cycles. Without efficient screening and leasing processes, vacancies add up quickly.
Close-proximity living creates the potential for noise complaints and neighbour disputes. Proactive communication is essential.
CMHC financing requirements for multi-unit properties
Before pursuing an 8-plex, investors need to understand the financing landscape. CMHC mortgage loan insurance applies to residential properties with 5 or more units, and the qualification criteria are meaningfully different from residential mortgages. One requirement stands out in particular: lenders expect borrowers to demonstrate proven experience managing multi-unit properties — or to retain a professional property management firm.
Key requirements at a glance
Sources: [1] CMHC Income Property · [2] CMHC Standard Rental Housing · [3] LendCity MLI Guide · [4] MLI Select Program PDF · [5] MLI Select Terms Explained
The borrower experience requirement is one that trips up first-time multi-unit investors most often. It isn't enough to be a savvy real estate buyer — lenders and insurers want to see that the property will be operated professionally. Retaining a qualified property management firm is the most direct way to satisfy this requirement and signal to lenders that the investment is in capable hands.
Why professional property management matters
The rewards of 8-plex ownership are real — but so are the demands. Investors who try to self-manage often find the operational complexity quickly outpaces the returns. A professional property management team removes that friction entirely, handling every layer of the operation so you can focus on the investment itself.
Thorough background and reference checks to place reliable, responsible tenants who treat your property with care.
From individual unit repairs to shared-structure upkeep — coordinated so nothing falls through the cracks.
Rent collection, 24/7 emergency response, and an online portal keep tenants informed and issues resolved quickly.
Leases, inspections, and regulatory requirements managed correctly from day one to protect your investment.
Our experience in multi-family
Multi-family isn't a new asset class for us — it's where we started. Aaron, Rentch's owner, has a background in construction management on multi-family complexes. In 2008, Aaron was a part of a team that built the Renaissance on 26th, still under Rentch management, giving our team a ground-level understanding of how these buildings are built, what breaks, and what it takes to run them well over the long term.
That history matters for investors pursuing CMHC financing. When lenders ask for proof of management competence, we can provide it — not just as a service provider, but as owners and operators ourselves. We understand what the lender is looking for, because we've been on both sides of the equation.
As Calgary's housing market continues to evolve, 8-plexes represent a genuinely smart addition to a growing portfolio. The key is pairing the right property with the right management — so the income works for you, not the other way around.
Thinking of investing in a Calgary 8-plex?
We specialize in multi-family properties across Calgary's inner-city neighbourhoods. With 12 properties in our own portfolio and a background in multi-family construction, we know what it takes to make these investments perform. Get in touch for a free consultation.
Email Us: 8plex@rentch.caRentch Real Estate and Property Management
Renting in 2026
It started with one person in Calgary’s inner city, a decade of managing multi-family rental purpose investment properties, a laptop and then the Dream: to provide individual landlords the tools required to professionally manage their properties. A grass-roots, technology enabled, bootstrapped, property management startup with the Mission: to be industry leaders in residential building maintenance while providing an unparalleled rental living experience for tenants and maximizing the net income for owners.
A classic question that we often get asked:
I’ve lived in this rental unit for 5 years, shouldn’t I have earned interest on my security deposit?
Do I earn Interest on my Security Deposit in Calgary?
