The cost of average rental housing in Red Deer’s increased by over three per cent from a year ago — but fell in July, according to the National Rent Report.
Red Deer came in 33rd on a list of 35 cities for average monthly rent in July for a one-bedroom home (at $901) and for a two-bedroom (at $1,052).
Year over year, average monthly rents were up 3.3 per cent in Red Deer in July for a one-bedroom and 2.9 per cent for a two-bedroom. But on a month-over-month basis, average rents were down in July by 3.4 per cent for a one-bedroom and 2.1 per cent for a two-bedroom.
The National Rent Report, compiled by Bullpen Research & Consulting, found that average rents in Canada rose 1.8 per cent, up for the third month in a row. Rents for two-bedroom units are rising faster as tenants seek larger units to work from home.
The average rent in Canada increased to $1,752 in July, up 1.8 per cent, month over month, according to Rentals.ca’s and the latest National Rent Report.
Vancouver had the largest annual increase in average rental rates for apartments and condo rentals, up 19 per cent in July, while Calgary and Winnipeg both experienced an annual increase in average rents of 14 per cent in July.
“As employees get called back to the office, and colleges and universities announce their reopening plans, demand has increased significantly in central locations, especially in Toronto and Vancouver where bidding wars are being reported,” said Ben Myers, president of Bullpen Research & Consulting.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on Rentals.ca for 35 cities across Canada.