The vacancy rate in the town of Okotoks is hovering around zero per cent, making it a struggle for anyone looking for a place to rent.
Andrew Fulcher, with Prairie Management and Realty, says there simply aren't enough condos and apartments being built.
"I think there was a glut in the market and I don't think the developers are jumping on board to do that again. The cost of building has gone up and the cost of land has gone up," said Fulcher.
A spokesperson with an affordable housing group says rent in Okotoks has spiked between $200 and $400 in the last year.
"We haven't seen it this bad in a number of years in Okotoks. The rent supplement program is relatively new to us in the last four years and we haven't seen this tightening where the rents are, and the availability of stock is so low," said Lauren Ingalls with the Foothills Foundation.
Ingalls is so concerned, she's asked the province to raise the income threshold for families in the town who are applying for rent supplements.
But the province says that number is set by the Canada Mortgage and Housing Corporation – and it would be up to the organization to make an exception.