The City of Red Deer has the least expensive rent costs among several Canadian cities, according to a recent report.
July’s National Rent Report, by Rentals.ca and Bullpen Research, shows Red Deer finished with the least expensive monthly rent for a one-bedroom home at $872 and two-bedroom at $1,022. The list features 32 different cities across the country.
The average monthly rent costs for all Canadian properties listed on Rentals.ca in July was $1,771, which is up $1 over June, but down 8.1 per cent compared to 2019. The small national increase was the first time the average rent increased since September 2019.
Month-over-month, rent costs were up in Red Deer in July for a one-bedroom and a two-bedroom. But rent was down year-over-year for a one-bedroom by 16.3 per cent and for a two-bedroom by 13.4 per cent.
Year-over-year, Red Deer average monthly rents for apartments and condominium rentals in July were down 14 per cent.
Calgary had the 21st most-expensive average monthly rent for a one-bedroom home in July at $1,194 and 22nd for average monthly rent for a two-bedroom at $1,446.
Edmonton had the 24th most-expensive average monthly rent in July for a one-bedroom home at $1,050 and for average monthly rent for a two-bedroom at $1,295.
Grande Prairie was 27th on the list for monthly rent for a one-bedroom home was $995 and it was $1,193 for a two-bedroom.
Lethbridge came in 28th on the list with average monthly rent in July for a one-bedroom home at $956 and 30th for average monthly rent for a two-bedroom at $1,117.
On a provincial level, Alberta average monthly rents were $1,228, up $8 from June $8. But rents were down year-over-year by $94.
According to the report, almost every major city and former municipality experienced a decline in average rents year-over-year for apartments and condominium rentals, except Montreal where average rents were up 11 per cent year over year in July.
“With the exception of Montreal, rental rates are flat or declining in most major metropolitan areas in Canada,” said Matt Danison, CEO of Rentals.ca.
“Some tenants are looking for larger units in less affluent areas to accommodate their work-from-home needs.”
Ben Myers, Bullpen Research and Consulting president, said the COVID-19 pandemic has Canadians “rethinking” their housing needs.
“For many tenants their home has gone from simply a place to rest their head, to their home office and day-care space,” said Myers.