Red Deer remained the fifth most affordable community among small and mid-sized Canadian cities in May.
Monthly rent for purpose-built and condo rental apartments in Red Deer cost an average of $1,413 last month, up 0.7 per cent from $1,402 in April, according to the latest National Rent Report by Rentals.ca and Urbanation.
Average rent for a one-bedroom unit in the city was $1,284, up 0.1 per cent year-over-year, and $1,537 for two bedrooms, a 3.8 per cent increase year-over-year.
The report showed that six of the 10 most affordable small to mid-sized cities were in Alberta.
In addition to Red Deer, Alberta communities that made the list included Lloydminster ($1,231) which had the lowest average rent, Fort McMurray ($1,351) was second lowest, Medicine Hat ($1,369) was third, Grande Prairie ($1,445) was seventh, and Lethbridge ($1,519) was eighth.
Airdrie ($1,677) had the 11th lowest average rent, and St. Albert ($1,743) was 14th.
The most affordable small and mid-sized cities outside of Alberta were Regina ($1,395) with the fourth lowest average rent, Saskatoon ($1,442) was sixth, Quebec City ($1,549) was ninth, and Winnipeg ($1,623) was 10th.
Average asking rents in Canada decreased 3.3 per cent to $2,129 from a year ago, when rents climbed to a record high of $2,202 in May 2024.
Rents in the country have declined year-over-over for eight consecutive months, but remain 5.7 per cent higher than two years earlier, and 12.6 per cent higher than three years ago.
Apartment and condo rent costs declined in May in four of Canada's six largest cities, including Calgary which led with a 7.9 per cent annual drop to an average of $1,928. Meanwhile, Edmonton saw a 0.7 per cent increase to $1,561.
Average rents in Calgary were $1,591 for a one-bedroom unit, and $1,944 for two bedrooms. In Edmonton, $1,336 was the average for a one-bedroom unit, and $1,679 for two bedrooms.
Apartment rents averaged $1,745 across Alberta in May.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on national, provincial and municipal levels across all listings on the Rentals.ca Network for Canada.
