People renting condos and apartments in Red Deer have seen a notable cost increase over the past year, according to a recent report.
Year-over-year, average monthly rent for a one-bedroom in Red Deer was up 19.1 per cent and 21.1 per cent for a two-bedroom, according to February’s National Rent Report from Rentals.ca and Urbanation.
Red Deer was the fifth cheapest on the list of 35 cities for average monthly rent in February for a one-bedroom at $1,162 and fourth cheapest for average monthly rent for a two-bedroom at $1,286.
Additionally, annual average rents increased 17 per cent and 16.5 per cent respectively in February for purpose-built and condominium apartments in Red Deer.
Meanwhile, Edmonton came was fourth cheapest for average monthly rent last month for a one-bedroom at $1,099 and sixth for average monthly rent for a two-bedroom at $1,417. Calgary was the 10th cheapest on the list for both average monthly rent in February for a one-bedroom at $1,560 and for average monthly rent for a two-bedroom at $1,920.
Calgary had the fastest increasing rents among Canada’s largest cities in February for condominium rentals and apartments. The city’s year-over-year, average monthly rent in February for a one-bedroom was up 23.3 per cent and up 25.1 per cent for a two-bedroom.
“Average rents in Calgary rose 28.1 per cent annually and 3.8 per cent over the past three months to $1,862. But Calgary rents remained below the national average, with one-bedrooms at $1,652, two-bedrooms at $2,035, and three-bedrooms at $2,370,” the National Rent Report states.
Edmonton saw a much smaller increase in year-over-year, average monthly rent – a one-bedroom was up 5.5 per cent and up 10.7 per cent for a two-bedroom.
Although Alberta rents have been increasing over the past year, they remain comparatively low at an average of $1,424, with one-bedrooms averaging $1,272, two-bedrooms averaging $1,587, and three-bedrooms averaging $1,655. Alberta has seen the highest levels of interprovincial migration in Canada.
Nationally, the average asking rent for all property types in Canada rose 9.7 per cent to $1,984 from February 2022 to the same month in 2023.
“This is the first time since June that average rents have not increased by double digits.The annual rate of rent inflation has been moderating since reaching a high of 12.4 per cent in November. Rents decreased 0.6 per cent from January and have declined 2 per cent over the past three months.”