Red Deer still has a higher average rent than most cities in Canada.
Red Deer finished 31st on the list of 35 cities for average monthly rent in August for a one-bedroom home at $914 and 32nd for average monthly rent for a two-bedroom at $1,047. According to the National Rent Report by Rentals.ca, Red Deer is following a trend similar to the rest of the country.
Year over year, average monthly rents in Red Deer were up 9.9 per cent in August for a one-bedroom and nine per cent for a two-bedroom.
Compared to July, Red Deer rents are up 1.5 per cent.
For the fourth consecutive month, the average rent in Canada increased for all property types, rising to $1,763 in August, up 0.6 per cent over July and up 5.2 per cent since this year’s market low of $1,675 in April.
Canada’s average monthly rent is still $190 below the market peak of $1,954 in September 2019.
Single-family homes have bounced back with a higher average rental rate in August than in the same month in 2019. Average monthly rent for apartments continue their slow and gradual increase year over year, while average rents for condominium apartments continue their slow and gradual decline.
“The rental market continued its upward trend on a national basis in August as some normalcy returns to the country,” said Ben Myers, president of Bullpen Research & Consulting in a news release.
“With elementary schools opening in September, there was strong rent growth for single-family properties again in August. Toronto and Vancouver are experiencing huge rental demand, especially for higher-end condos.”