Rent prices in Red Deer are up from this time last year, but the community is still one of Canada’s cheapest cities to live in, according to the latest National Rent Report.
The report, created by Rentals.ca and Urbanation, shows Red Deer came in 34th on the list of 35 cities for average monthly rent in October for a one-bedroom at $1,017 and 33rd for average monthly rent for a two-bedroom at $1,232.
Year over year, average monthly rent in October for a one-bedroom in Red Deer was up 2.3 per cent and up 8.3 per cent for a two-bedroom.
Grande Prairie recorded the lowest average monthly rent for both one- and two-bedroom homes. The cost of a one-bedroom is $968 and a two-bedroom is $1,173
Calgary finished 26th on the list of 35 cities for average monthly rent in October for a one-bedroom at $1,448 and for average monthly rent for a two-bedroom at $1,771.
Year over year, average monthly rent in October for a one-bedroom in Calgary was up 16.3 per cent and up 16.9 per cent for a two-bedroom.
Edmonton came in 31st on the list for average monthly rent in October for a one-bedroom at $1,095 and 30th for average monthly rent for a two-bedroom at $1,413.
Year over year, average monthly rent in October for a one-bedroom in Edmonton was up 7 per cent and up 10.8 per cent for a two-bedroom.
Alberta average rents rose annually by 13.2 per cent to $1,412 for condo rentals and apartments in October.
Nationally, average rents rose 11.8 per cent year over year in October in Canada to an average of $1,976 across all property types, according to the National Rent Report.
Rents charged last month averaged $209 per month higher than in the same month a year ago ($1,767) across Canada. Average rents were $130 per month higher than the pre-pandemic high in October 2019 ($1,845).
The latest annual increase for rents was more than double the annual increase in average hourly wages of employees in Canada at 5.6 per cent.
“The unprecedented growth in rents underway is broad-based across Canada, with most markets reporting double-digit annual rent inflation,” said Shaun Hildebrand, Urbanation president
“The rental market keeps getting hotter with each interest rate increase, coupled with a record high increase in the population. The need to ramp up rental supply has never been greater.”
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial and municipal level.