Rent prices in Red Deer are up annually and monthly, but they remain among the most affordable among Canadian cities, according to the latest National Rent Report.
Red Deer came in 30th on the report’s list for average monthly rent in January for a one-bedroom home at $975 and next to last (34th) for average monthly rent for a two-bedroom at $1,064.
Year over year, average monthly rent in Red Deer from this past September increased 2.7 per cent for a one-bedroom and 6.1 per cent for a two-bedroom. Month over month, average rents in Red Deer in September were up 3.9 per cent for a one-bedroom and 5.8 per cent for a two-bedroom.
Nationally, average monthly rents have slowly bumped upward to $1,769 in September, increasing 0.3 per cent over August and equaling where they were a year ago, according to Rentals.ca’s and Bullpen Research & Consulting’s latest report, which was released last week.
This is the fifth consecutive month average rents have risen across the country since April’s low of $1,675.
But average asking rent for all Canadian properties listed on Rentals.ca is still 9.5 per cent lower than the $1,954 average in September 2019, months before COVID-19 became a part of our common vernacular.
“September marked the first time this year that the average rent in Canada wasn’t cheaper than last year, as rental rates continue their upward trend,” said Ben Myers, Bullpen Research & Consulting president.
“Canada’s 10 largest municipalities all experienced quarterly rent growth, showing the recovery is not regional but nationwide. With employment returning to pre-pandemic levels and immigration picking up, expect rental rates to continue to slowly climb over the next 18 months.”
Calgary average rent in January for all property types increased 2.3 per cent year over year to $1,422.
Edmonton average rent for all property types in January declined slightly by 0.8 per cent year over year to $1,182.
Grande Prairie finished 34th on the list of 35 cities for average monthly rent in January for a one-bedroom home at $898 and 33rd for average monthly rent for a two-bedroom at $1,097.
Lloydminster came in last on the list of 35 cities for average monthly rent in January for a one-bedroom home at $740 and for average monthly rent for a two-bedroom at $854.