CALGARY- For renters in the city, a bad situation is about to get worse.
Vacancy rates are forecast to dip to one per cent or less this fall, due to a shortage created by the flood, a strong economy and high net migration.
One University of Calgary student says that ‘perfect storm’ is driving up rent.
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“I pay $750 plus utilities,” says Erin Moulton. “Last year I found accommodation near the university and I paid $350 plus utilities, so it’s quite an increase for me.”
She adds that the price jump means she can’t afford to drive her car this year.
“It can be an issue when you need to study or have multiple jobs and stuff like that…I have two jobs right now.”
The CMHC expects the cost of rent to continue to rise, which analysts agree with.
“In terms of the average rate, about $1,230 for a two bedroom rental for October this year, and $1,280 for next year,” predicts Anne-Marie Lurie, chief economist for the Calgary Real Estate Board.
The lack of affordable housing is also expected to be a hot election issue.
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