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Red Deer among medium-sized municipalities with fastest growing annual rents for condo rentals and apartments

Calgary had fastest increasing rents among Canada’s largest cities
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Rental.ca and Urbanation have released the latest National Rent Report. (Photo by The Canadian Press)

Red Deer and Lethbridge made the list of 20 medium-sized municipalities with the fastest-growing annual rents for condo rentals and apartments.

According to Rentals.ca and Urbanation latest National Rent Report, the annual average rents for those properties were up 19.5 per cent in Red Deer, and rose 17.8 per cent in Lethbridge in March.

But when it comes to costly rent, Red Deer was way down on the list at 30th out of 35 cities with average monthly rent in March for a one-bedroom at $1,193, and 31st for average monthly rent for a two-bedroom at $1,349.

Year over year, average monthly rent in March for a one-bedroom in Red Deer was up 29 per cent and up 16.1 per cent for a two-bedroom.

Relate:

Red Deer annual average rents up

“Spring arrived with a highly competitive rental market in Canada, driven by a record population increase of over one million people in the past year and low home ownership affordability after last year’s spike in interest rates,” said Shaun Hildebrand, president of Urbanation, in a statement.

“With supply unable to keep up with current levels of demand, expect further upward pressure on rents in the coming months.”

The average asking rent for all property types in Canada rose 10.8 per cent annually in March to $2,004.

Over the past year, average asking rents have grown by $196, indicating how rental housing demand is outstripping supply in Canada.

Vancouver, the most expensive of Canada’s largest markets, saw annual rent growth of 18.7 per cent in March, with average rents up to $3,146.

Related:

Red Deer rents up in 2022 but city still one of most affordable

For the second straight month, Calgary had the fastest increasing rents among Canada’s largest cities in March for condominium rentals and apartments. Rents rose 24.9 per cent year over year to $1,890.

Calgary finished 26th for average monthly rent in March with a one-bedroom at $1,573, and 25th for average monthly rent for a two-bedroom at $1,932.

Year over year, average monthly rent in March for a one-bedroom in Calgary was up 20.1 per cent, and up 20.1 per cent for a two-bedroom.

Edmonton came in 31st with a one-bedroom at $1,129, and 29th with a two-bedroom at $1,445.

Year over year, average monthly rent for a one-bedroom in Edmonton was up 10.1 per cent, and up 12.9 per cent for a two-bedroom.

Lethbridge finished 29th with a one-bedroom at $1,210, and 30th with a two-bedroom at $1,377.

Year over year, average monthly rent for a one-bedroom in Lethbridge was up 20 per cent, and up 18.6 per cent for a two-bedroom.

Grande Prairie finished 34th with a one-bedroom at $1,015, and a two-bedroom at $1,193.

Year over year, average monthly rent for a one-bedroom in Grande Prairie was up 14.1 per cent, and up 9.1 per cent for a two-bedroom.

Lloydminster came in last on the list with a one-bedroom at $820, and a two-bedroom at $925.

Year over year, average monthly rent for a one-bedroom in Lloydminster was up 10.3 per cent, and up 8.4 per cent for a two-bedroom.



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Susan Zielinski

About the Author: Susan Zielinski

Susan has been with the Red Deer Advocate since 2001. Her reporting has focused on education, social and health issues.
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