Rent in Red Deer is up nearly six per cent but is still among some of the lowest rental prices in the country.
According to a new Rentals.ca national rent report, the annual average monthly rent in Canada in 2021 is down nine per cent year over year but up 5.7 per cent in Red Deer.
Red Deer still came in 31st on the list of 35 cities for average monthly rent in April with a one-bedroom home costing $965 and 34th for a two-bedroom at $1,072.
While monthly rents changed little in Red Deer in April, year over year, average monthly rents increased 5.7 per cent for a one-bedroom and six per cent for a two-bedroom.
In Alberta, the average furnished apartment is listed for 38 per cent more than unfurnished apartments ($1,649 vs. $1,191 per month).
On a provincial level, Alberta average rent increased 0.2 per cent in April to $1,209.
“Despite the continued decline in average rents on a national level, the rental market has started to turn up with rents increasing month over month in most of the largest provinces in the country,” said Ben Myers, president of Bullpen Research & Consulting in a release.
“Even with the prolonged pandemic, there appears to be increased rental demand, but it will take a few months before we declare it a trend and not a statistically anomaly based on a changing composition of listings.”
Vancouver still leads the list of 35 cities for average monthly rent for a one-bedroom home in April at $1,935 and for a two-bedroom at $2,578.
Toronto finished second on the list for average monthly rent in April for a one-bedroom home at $1,816 and for a two-bedroom at $2,407.