Average monthly rent for a one-bedroom in Red Deer was $943, and $1,083 for a two-bedroom in March. (File photo by Advocate staff)

Average monthly rent for a one-bedroom in Red Deer was $943, and $1,083 for a two-bedroom in March. (File photo by Advocate staff)

Rent prices increased slightly in Red Deer for two-bedroom units in March

Average rents in Canada up 6.6% year over year

Red Deer remains affordable for renters, according the latest national rent report.

The city came in 34th in March in the list of 35 cities at Rentals.ca and Bullpen Research & Consulting. Average monthly rent for a one-bedroom was $943, and average monthly rent for a two-bedroom was $1,083.

Average rent in Red Deer was down for a one-bedroom by 2.6 per cent year over year and dropped 0.2 per cent month over month. Meanwhile, average rent was up for a two-bedroom by one per cent year over year, and up 3.1 per cent month over month.

Related:

Red Deer rental prices up in December: National Rent Report

Average rent for all Canadian properties listed on Rentals.ca in March was $1,818 per month, an increase of 6.6 per cent annually.

Vancouver average rents for all property types continue to outpace other Canadian cities, rising 29.9 per cent year over year in March to a high of $2,925.

Bullpen Research expects rents to continue to rise as the country returns to normal. But it remains to be seen how inflation, supply chain issues, the effects of BA.2 and other sub-variants of omicron, and the recent Bank of Canada rate changes will impact the economy and the rental market.

“On an annual basis, tenants are looking at rent that is over $100 more on average in March, compared to a year earlier when the rental market was close to its lowest point during the pandemic,” said Ben Myers, president of Bullpen Research & Consulting.

“However, the pace of growth has cooled, with relatively flat rents over the last four months. Higher interest rates and a cooling ownership housing market could push more demand into the rental market this spring.”

Related:

Survey finds Albertans most financially stressed of all Canadians in 2021

Calgary finished 24th on the list for average monthly rent for a one-bedroom at $1,361, and 27th for a two-bedroom at $1,619.

Year over year, average rent in Calgary was up 10.2 per cent for a one-bedroom, and up 9.3 per cent for a two-bedroom. Month over month, rent was up 7.4 per cent for a one-bedroom and up 6.9 per cent for a two-bedroom.

Edmonton came in 30th for average monthly rent for a one-bedroom at $1,017, and $1,260 for a two-bedroom.

Year over year, average rent in Edmonton was up 0.3 per cent for a one-bedroom, and up two per cent for a two-bedroom.

Lethbridge was 31st on the list for average monthly rent for one-bedroom at $1,013, and 32nd for a two-bedroom at $1,138.

Year over year, average rent in Lethbridge was up seven per cent for a one-bedroom, and up 3.9 per cent for a two-bedroom.

Lloydminster finished last on the list for average monthly rent for a one-bedroom at $744, and last for a two-bedroom at $853.

Year over year, average rent in Lloydminster was down five per cent for a one-bedroom, and down 5.3 per cent for a two-bedroom.

Although not on the list, average monthly rent in Fort McMurray was $1,114 for a one-bedroom, and $1,325 for a two-bedroom.

Year over year, average rent in Fort McMurray was up 4.7 per cent for a one-bedroom, and up 6.7 per cent for a two-bedroom.



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