Calgary Rent Report — June 2026

Calgary's rental market continued to soften through June 2026 as record new supply and moderating demand tilted the balance toward tenants. The average asking rent across all unit types dropped to $1,795 per month according to Zumper's June 2026 rent research — down 1% month-over-month and 4% year-over-year. This is the sixth consecutive month of year-over-year rent declines for the metro area.

Vacancy has climbed dramatically over the past two years. The Canada Mortgage and Housing Corporation (CMHC) recorded a purpose-built rental vacancy rate of 5.0% in October 2025, up sharply from just 1.4% in 2023. CMHC's 2026 mid-year rental market update projects vacancy will average 5.7% for 2026 — a dramatic shift from the extreme tightness that characterized the previous three years.

Calgary rents now sit approximately 8% below the national average (roughly $155 per month less), a reversal from the mid-2024 period when Calgary briefly commanded a premium over other major Canadian metros.

Two-bedroom units bore the sharpest year-over-year corrections — a reversal of the pandemic-era pattern when larger units commanded premium growth. One-bedroom rents have held up better, supported by continued demand from young professionals and single-person households.

• 1 Bedroom (Zumper, June 2026): $1,600 / month
• 1 Bedroom (CMHC purpose-built, 2026): $1,581 / month
• 2 Bedroom (Zumper, June 2026): $1,924 / month
• 2 Bedroom (CMHC purpose-built, 2026): $1,908 / month
• 3 Bedroom+ (CMHC): $2,175 – $2,700 / month

Rental type breakdown

• Apartments (median): $1,758 / month
• Houses (median): $2,149 / month

The gap between Zumper's asking-rent numbers and CMHC's purpose-built averages is small but consistent — Zumper captures new-listing asking prices (typically higher), while CMHC's data reflects the broader stock including existing tenancies. Both sources point to the same directional trend: Calgary rents are declining year-over-year for the first time since the pandemic.

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 quarterly.

Calgary has experienced an unprecedented purpose-built rental construction boom. According to CMHC, the city delivered nearly 7,000 purpose-built rental units in 2024 alone — 165% above the historical annual average. Purpose-built rental supply grew a further 11% in 2025 — the fastest pace in decades.

Purpose-built rentals now account for approximately 41% of all new housing being built in Calgary (2,742 units in the latest pipeline count), the highest share among major Canadian metros. Concentration is heaviest in the Beltline, East Village, and inner-quadrant redevelopments.

Vacancy trajectory

• 2023: 1.4% (extreme tightness)
• October 2025: 5.0% (CMHC actual)
• 2026 projection: 5.7% (CMHC forecast)
• 2027 projection: 6.2% (CMHC forecast)
• 2028 projection: 5.9% (CMHC forecast)

By unit size, 1-bedroom vacancy hit 4.3% in October 2025 (CMHC), while smaller studio and larger 3-bedroom+ segments varied above and below that mark. CMHC noted that "generous incentives during initial lease-up phases helped prevent vacancies from rising further" — with new-build landlords offering one month free or move-in credits becoming increasingly common.

The near-term outlook for Calgary rents favors continued modest declines through the second half of 2026 and into 2027. CMHC's forecast has vacancy peaking near 6.2% in 2027 before stabilizing around 5.9% in 2028. Purpose-built completions are expected to remain elevated through Q4 2026 with several thousand additional units in active construction.

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 — particularly for studios and one-bedrooms where new-build supply is concentrated. Move-in incentives (one month free, waived deposits, gift cards) have become standard practice among institutional operators of new purpose-built properties.

What this means for renters

• More inventory to compare — expect 3-5× the options available in June 2023
• Rooms 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 July 2026 report will publish on the last business day of July.