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Canada Mortgage and Housing reports Calgary's vacancy rate slipped below the 2 per cent mark in October, down almost two full percentage points from the same period a year ago.
A strong economy attracting job seekers is getting most of the credit.
The Executive Director of the Calgary Residential Rental Association tells 660News, landlords have been closely following the drop.
Gerry Baxter says despite the decline in rental units, rents are not expected to rise any time soon.
Baxter says landlords will let market forces dictate rents moving forward, predicting only minor increases to cover higher operating costs.
He says over the course of the year there is a 40 per cent turnover in renters in the city.
A strong economy attracting job seekers is getting most of the credit.
The Executive Director of the Calgary Residential Rental Association tells 660News, landlords have been closely following the drop.
Gerry Baxter says despite the decline in rental units, rents are not expected to rise any time soon.
Baxter says landlords will let market forces dictate rents moving forward, predicting only minor increases to cover higher operating costs.
He says over the course of the year there is a 40 per cent turnover in renters in the city.
By: 660 NEWS
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