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Basement Suite Rental Income Calgary: What You Can Earn

Basement Renovations

Calgary’s Rental Market Makes Suite Development Attractive

Calgary’s rental vacancy rate has been under 2% for the past two years. Basement suite rents have risen significantly. Here’s what you can realistically earn — and what it takes to get there.

Average Basement Suite Rents in Calgary (2026)

Suite Type Monthly Rent
Bachelor/Studio (400–550 sq ft) $1,100–$1,500
1-Bedroom (550–700 sq ft) $1,400–$1,900
2-Bedroom (700–1,000 sq ft) $1,800–$2,500
Luxury 2-Bedroom (1,000+ sq ft, premium finishes) $2,400–$3,200

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⚠ Estimate Disclaimer: These are only ROUGH estimates that can vary wildly. Do not take these numbers as gospel. Having a defined scope of work and exact selections will give you clarity.

Legal vs Illegal Suite: The Income Difference

Legal suites typically command $200–$400/month more than equivalent illegal (unpermitted) suites — better tenants, ability to advertise openly, no risk of bylaw enforcement forcing closure.

ROI Calculation: Does Suite Development Pay?

Example: 2-Bedroom Legal Suite

  • Suite development cost: $85,000
  • Monthly rent: $2,100
  • Annual gross income: $25,200
  • Expenses (5% vacancy, $3,000 maintenance, $200/mo utilities included): ~$8,000/yr
  • Net annual income: ~$17,200
  • Gross yield: ~20%/year on investment
  • Simple payback: ~5 years

That’s a very strong return — on top of the $80,000–$120,000 in added property value from having a legal suite.

Legal Suite Requirements in Calgary

  • Development permit from City of Calgary
  • Separate entrance (private, from exterior)
  • Egress windows in each bedroom
  • Interconnected smoke alarms on all levels
  • CO detector near sleeping area
  • Fire separation between suite and main home (Type X drywall)
  • Self-closing fire-rated connecting door (if any)
  • Minimum ceiling height 6’11”
  • Separate utilities or sub-metered (recommended)

Neighbourhoods with Highest Suite Rental Demand

  • Inner-city (Inglewood, Killarney, Capitol Hill, Ramsay, Hillhurst)
  • Near university/SAIT: Banff Trail, Montgomery, Varsity
  • Near hospitals: Shaganappi, Rosscarrock, South Calgary
  • Transit corridors: anywhere near C-Train stations

Managing the Suite: Things to Consider

  • Screening tenants thoroughly saves enormous hassle
  • Alberta Residential Tenancies Act governs landlord-tenant relations
  • Get landlord insurance (different from standard home insurance)
  • Keep 5–10% of annual rent in a maintenance reserve
  • Hire a property manager (10% of rent) if you don’t want to self-manage

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Contact Olympic City for a free consultation. Serving Calgary, Priddis, Okotoks & area.