Calgary Rent Report, July 2026

Calgary's rental market continued to soften through July 2026 as record new supply and moderating demand kept the balance tilted toward tenants. The average asking rent across all property types was $1,828 per month, down about 4.5% year-over-year, according to the Rentals.ca and Urbanation National Rent Report for July 2026.

The declines were sharpest in apartments. CBC News, citing the same report, noted Calgary one-bedroom units averaged $1,593 and two-bedroom units $1,931 in July, down 9.0% and 10.5% respectively from a year earlier.

Vacancy has climbed dramatically over the past two years. The Canada Mortgage and Housing Corporation (CMHC) recorded a purpose-built rental vacancy rate of 4.9% in October 2025, up sharply from just 1.4% in 2023. That shift toward balance is the backdrop for the year-over-year rent declines Calgary is now seeing.

Two-bedroom units bore the sharpest year-over-year corrections in the asking-rent data, a reversal of the pandemic-era pattern when larger units commanded premium growth. The table below shows CMHC's in-place averages for the existing purpose-built stock as of October 2025.

• Studio (CMHC, Oct 2025): $1,438 / month
• 1 Bedroom (CMHC, Oct 2025): $1,581 / month
• 1 Bedroom (Rentals.ca asking, July 2026): $1,593 / month
• 2 Bedroom (CMHC, Oct 2025): $1,908 / month
• 2 Bedroom (Rentals.ca asking, July 2026): $1,931 / month
• 3 Bedroom+ (CMHC, Oct 2025): $2,118 / month

The gap between Rentals.ca asking rents and CMHC's purpose-built averages is small but consistent. Asking rents capture new-listing prices, while CMHC's data reflects the broader stock including existing tenancies. Both point to the same directional trend: Calgary rents are declining year-over-year.

Central and inner-city neighborhoods continue to command the highest per-square-foot rents in Calgary, but have seen sharper year-over-year corrections than suburban markets. Walkable communities near transit, Bridgeland, Mission, Marda Loop, Hillhurst, and the Beltline, have historically outperformed thanks to strong lifestyle demand from young professionals and downtown workers.

Highest-priced neighborhoods (typical 1BR range)

• Beltline, walkable core with premium amenities
• Mission, mature inner-city, boutique shopping
• Downtown / Downtown East, office core, transit hub
• Kensington, inner NW, restaurant scene
• Bridgeland, inner NE, walkable community
• Marda Loop / Hillhurst, established inner-city, family-friendly

Best-value quadrants

• Northeast Calgary, Falconridge, Marlborough, Whitehorn, Forest Lawn, Dover typically offer the lowest per-bedroom rents in the CMA
• Outer SE and NW, newer master-planned communities with more supply, moderate rents

Neighborhood-level rent averages fluctuate month to month based on listing mix. For current asking rents by specific neighborhood, see the CMHC neighborhood rent tables which are updated on CMHC's schedule.

Calgary has experienced an unprecedented purpose-built rental construction boom, delivering thousands of new units well above its historical annual average over the past two years. That new supply is the main reason vacancy has normalized from the extreme tightness of 2023.

Vacancy by unit type (CMHC, October 2025)

• Studio: 6.0%
• 1 bedroom: 4.3%
• 2 bedroom: 5.6%
• 3 bedroom or more: 3.8%
• Overall: 4.9%

Vacancy trajectory

• 2023: 1.4% (extreme tightness)
• October 2025: 4.9% (CMHC actual)

Generous incentives during initial lease-up phases, such as one month free or move-in credits, have helped new-build landlords keep vacancies from rising further while a large volume of units comes to market at once.

The near-term outlook for Calgary rents favors continued modest declines through the second half of 2026. Purpose-built completions are expected to remain elevated, keeping downward pressure on asking rents, particularly for studios and one-bedrooms where new-build supply is concentrated.

Tenants renewing leases in the second half of 2026 have real negotiating power for the first time in years. Landlords holding out for asking-price renewals risk extended vacancies in most segments. Move-in incentives have become standard practice among institutional operators of new purpose-built properties.

What this means for renters

• More inventory to compare than at any point since 2023
• Room to negotiate rent, incentives, or lease terms, landlords are motivated
• Best value continues to sit outside the core (NE, outer SE, outer NW)
• Purpose-built new buildings offer amenities but expect base rents to normalize as concessions burn off

What this means for landlords

• Realistic pricing matters, overpricing costs 30+ days of vacancy in most segments
• Quality photos and detailed listings win the competition for eyeballs
• Small concessions (waived deposit, flexible move-in) close deals faster than deep discounts
• Renewals are cheaper than turnover, offer existing tenants a fair renewal rate

SQRFT's August 2026 report will publish on the last business day of August.