Rents for a one-bedroom Red Deer apartment climbed 12.1 per cent in May from a year ago.
A typical one-bedroom suite costs $988 a month last month, according to the National Rent Rankings by Rentals.ca. Two-bedroom units cost an average $1,147, up nine per cent from May 2021. Since April, one-bedroom rents have climbed 3.7 per cent and two-bedroom rents 5.5 per cent.
Despite the increases, Red Deer remains one of the most affordable cities in Canada for renters, ranking 34th among 35 cities tracked by Rentals.ca. The average Canadian one-bedroom rent is $1,591 per month, up just over eight per cent from a year ago. The average national two-bedroom rent is $2,033, up 11.8 per cent from last year.
The most expensive city for renters is Vancouver. A one-bedroom unit goes for $2,377, up just under 20 per cent from a year ago. Those looking for a two-bedroom suite can expect to pay $3,495, up 24 per cent from May 2021.
Cheapest among the 35 cities ranked by Rentals.ca is Saskatoon with one-bedroom rents averaging $975 and two-bedrooms at $1,145. Both wer up from last year, five per cent for one-bedroom and 7.6 per cent for two-bedroom units.
Nationally, single-family homes are the most expensive to rent — $2,881 a month on average. Condominiums followed at an average of $2,311 and apartments were at $1,696.
“Demand for larger units was a noticeable trend during the pandemic with more people needing to work from home, and parents needing more space for children at home full time,” says the rental report.
“This trend has not dissipated in the post-vaccine and return-to-work era. Many employers are having their employees only come to the office for one or two days a week. Couple this with sharp increases in interest rates, which has dissuaded some tenants from purchasing property, and the demand for generously-sized suites has been strong.”