Renters in Red Deer can get a one-bedroom unit for $870 a month and a two-bedroom pad for $963, according to Rentals.ca’s latest report. (Photo by THE CANADIAN PRESS/Chris Young)

Red Deer rental rates are the lowest in Canada

The Red Deer housing market is ripe for renters.

That’s the message in the July report produced by the rental website Rentals.ca, which compiles statistics on the market in Canada.

For the second month in a row, Red Deer features the lowest average monthly rent in the country for one- and two-bedroom units, which are listed at $870 and $963, respectively.

Red Deer is one of the only cities in Canada in which the average rent for a two-bedroom unit is below $1,000.

Red Deer rents for a one-bedroom and two-bedroom accommodation are down significantly year over year.

In June, however, the monthly average rent for a two-bedroom unit rose 3.5 per cent.

“Tenant demand has returned to the market as lockdown restrictions end, and employers bring back furloughed employees and rehire staff,” said said Matt Danison, CEO of Rentals.ca.

The COVID-19 pandemic has put pressure on the rental market nationally, with rent dropping 9.4 per cent in June, and average monthly rents decreasing in April, May and June.

Calgary finished 24th on a list of 33 cities for average monthly rent in June for a one-bedroom unit at $1,164, and 25th for average monthly rent for a two-bedroom space.

Compare that to Canada’s largest city, Toronto, which had the highest average monthly rent in June for a one-bedroom unit at $2,063 and for a two-bedroom at $2,684.

“Rental forecasting remains uncertain as the potential for greater mortgage defaults remains, eviction bans will soon expire, CERB payments will end, and our borders remain closed.

“There is data that suggests both rent increases and decreases are coming,” said Ben Myers, president of Bullpen Research & Consulting, which helped produce the report.

Housing

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Updated: Red Deer doctor killed at clinic

The RCMP’s major crimes unit is investigating a fatal attack on a… Continue reading

Vigil scheduled Friday for Red Deer doctor who was killed

A candlelight vigil is scheduled for Friday at Red Deer City Hall… Continue reading

Alberta reports 257 new cases of COVID-19

The Alberta government reported 257 new cases of COVID-19 in its latest… Continue reading

‘Is this a town garden?’ Sylvan Lake resident has been gardening for 7 decades

Most summer days, Sylvan Lake’s Joel McCutcheon is in his garden pulling… Continue reading

QUIZ: Do you know the truth?

In what has been described as a post-truth era, how much do you know about truth and lies?

Cast your votes for Best of Red Deer

The Advocate’s Best of Red Deer Readers’ Choice Awards are back. Community… Continue reading

Raptors beat Bucks 114-106; key players for both teams sit

Raptors beat Bucks 114-106; key players for both teams sit

Safe at home? Blue Jays end nomadic journey in Buffalo

Safe at home? Blue Jays end nomadic journey in Buffalo

Morikawa makes eagle on 16th, wins PGA Championship

Morikawa makes eagle on 16th, wins PGA Championship

Royal Montreal Golf Club to host Presidents Cup in 2024, last hosted in 2007

Royal Montreal Golf Club to host Presidents Cup in 2024, last hosted in 2007

Familiarity breeds respect among NHL East playoff teams

Familiarity breeds respect among NHL East playoff teams

‘Heavy lifting:’ West is big, tough, deep and wide open

‘Heavy lifting:’ West is big, tough, deep and wide open

Dallas Stars keep Calgary Flames guessing ahead of first-round playoff series

Dallas Stars keep Calgary Flames guessing ahead of first-round playoff series

Most Read