The current economic downturn that Calgary has experienced has seen the housing market suffer and those owning properties have seen their value decrease. The same downturn cannot be said for the rental market.
As many people find themselves unable or unwilling to purchase property, they are turning to the rental market to fulfill their housing needs. This has seen a steady increase in new build rental properties springing up all over the city. Indeed, some buildings initially earmarked as condos and now being built as apartments and opening up the rental market to higher-end renters.
In 2019 alone, we have seen several apartment buildings built and now available to renters. These include SODO, The Underwood and the Cube in the Beltline and others like The Windsor, Ezra on Riley Park and The Delaney elsewhere in the city.
There are pluses and minuses to renting one of these types of new-build apartments. The main plus is, of course, their newness. You get to move into a brand new shiny apartment with new appliances and usually higher-end finishes. You will probably have stainless appliances, quartz countertops, washer and dryers and open-plan spaces. Many new buildings also come with a range of amenities such as fitness centres, dog walking areas, outdoor space, yoga rooms, BBQ’s and lots more. On the downside, they are so new, you may encounter issues such as elevators not working or snagging problems.
Rents do tend to be higher with these sparkly new properties as they can get away with charging a premium rate. With many starting at around $1500 per month for a one-bedroom apartment, they can be out of reach for some renters. This is on top of electricity/gas and parking fees. If you are looking for a two-bedroom apartment then prices will be $1800 plus, and more likely well into the mid $2,000’s.
If you fancy yourself in a brand new apartment, there are quite a few to choose from and many more will be arriving soon. Some of the new developments in the pipeline are The Hat @ East Village, a 28-storey high-rise with over 200 units available imminently. This will be the first rental building in the East Village, so it will definitely be popular. Another property by the same developer, Cidex, is the Hat @ 7th Avenue with 66 units immediately adjacent to the LRT station. Another of their properties, which you cannot fail to notice in the west of the Beltline, is West Village Towers which will consist of three huge towers with over 550 apartments for rent in 2021/22.
Other apartment buildings to note will be The Fifth, along 17th Avenue, Telus Sky in downtown, Redstone in the Beltline and Courtyard 33 in Marda Loop, to name but a few.
So, if you are in the market for a bright and shiny new apartment with all the bells and whistles, then you will have plenty of choices. At Calgary Apartment Review, we will continue to visit these properties and report back to you and hope that you, in turn, will add your reviews to our site.