Red Deer came in 33rd for average monthly rent in November for a one-bedroom home out of 35 Canadian cities at $1,003. (File photo by THE CANADIAN PRESS)

Red Deer came in 33rd for average monthly rent in November for a one-bedroom home out of 35 Canadian cities at $1,003. (File photo by THE CANADIAN PRESS)

Red Deer rent well below national average in November

Rental rates in Red Deer are still well below the national average.

According to the national rent report by Bullpen Research and Consulting for Rentals.ca, Red Deer came in 33rd for average monthly rent in November for a one-bedroom home out of 35 Canadian cities at $1,003 and 32nd for average monthly rent for a two-bedroom at $1,180.

Average rent for a two-bedroom in Red Deer in November was still up 9.5 per cent year over year and 3.1 per cent monthly, while average rent for a one-bedroom was down 4.3 per cent both yearly and monthly.

Red Deer is still well below the national average, with average monthly rent for all Canadian properties listed on Rentals.ca in November being $1,817, up 3.6 per cent year over year and up monthly by one per cent.

This marks the seventh straight month of rent increases since April when average rents hit $1,675, following a year of COVID-19 pandemic-induced declining rents.

“The forecast prepared by Bullpen and Rentals.ca for 2022 sees continued growth in the rental market following the unprecedented declines experienced from April 2020 to April 2021,” said Ben Myers, president of Bullpen Research & Consulting.