With literally hundreds of rental units taken off the market in the wake of the recent flooding, Calgary renters could find themselves facing serious issues.

Following a pre-flood report from Canada Mortgage and Housing Corporation (CMHC) showing the city's vacancy rate fell to just 1.2 per cent in April, many prospective renters are facing a virtually nonexistent market.

The path to legal secondary suites in Calgary may get a little easier, in some neighbourhoods.

A report released by the City's planning department is recommending changes to the way the suites are handled. City bureaucrats have suggested easing permit requirements in certain districts, such as areas within walking distance of major transit stops and postsecondary schools.

Renters who are caught between escalating rates and declining inventory are turning to home ownership as a better alternative.

Amy Gregson found the rental market too tight, and decided when she graduated from university in 2009 to buy a home along with her boyfriend Brian Ball.

"We would rather put our money towards something we own than towards something someone else owns," said Gregson, who lived at home after graduating to save money to put towards a home. The couple recently purchased a newly built home in New Brighton.