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Red Deer rents up in 2022 but city still one of most affordable

Red Deer ranked 33rd in rent costs out of 35 communities surveyed
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Red Deer remained among the most affordable places to rent in Canada, according to a recent survey.

The average monthly rent in December for a one-bedroom at $1,015 and for average monthly rent for a two-bedroom at $1,181 ranks the city 33rd of 35 communities surveyed, according to the National Rent Report prepared by Rentals.ca and Urbanation.

Year over year, average monthly rent in December for a one-bedroom in Red Deer was up 5.7 per cent and up 7.3 per cent for a two-bedroom.

But from November to December, average rent was down in Red Deer in December for a one-bedroom home by 1.3 per cent and down 3.8 per cent for a two-bedroom.

Only Grande Prairie (34th) and Lloydminster (35th) had lower average rents than Red Deer.

Calgary average annual rents are rising quickly among Canadian major markets, according to the Rent Report. The city finished just below Toronto with a 22.6 per cent increase in average rents to $1,816 per month in December for purpose-built and condominium apartments.

Calgary finished 25th on the list of 35 cities for average monthly rent in December for a one-bedroom at $1,497 and for average monthly rent for a two-bedroom at $1,854.

Year over year, average monthly rent in December for a one-bedroom in Calgary was up 20.2 per cent and up 17.8 per cent for a two-bedroom.

Edmonton average rents year over year rose 11.7 per cent in December for condo rentals and apartments.

Edmonton came in 30th on the list for average monthly rent in December for a one-bedroom at $1,114 and 29th for average monthly rent for a two-bedroom at $1,423.

Year over year, average monthly rent in December for a one-bedroom in Edmonton was up 8 per cent and up 11.2 per cent for a two-bedroom.

Nationally, average rents for all property types rose 12.2 per cent to $2,005 last month compared with December 2021.

The sharp increase in rents is due to recovery from the pandemic, record high population growth, low vacancy rates and less home buying, says the report.

Vancouver was the most expensive city to rent in with a one-bedroom costing and average of $2,596 per month — up 16.8 per cent from December 2021 — and a two-bedroom costs $3,562 — up 17.9 per cent from a year ago.

“The Canadian rental market had one of its strongest years ever in 2022, more than reversing any weakness experienced during the pandemic,” said Urbanation president Shaun Hildebrand.

“Rental demand is primarily being driven by a quickly growing population that is finding it increasingly more difficult to afford home ownership or find suitable rental housing,” said Hildebrand. “Looking ahead for 2023, rents are expected to continue rising, but less heated growth can be expected as the economy slows and new rental supply rises to multi-decade highs”

Rents are expected to