A city in Alberta just saw the biggest annual rent spike in the country

Alberta has seen a wave of higher rent prices in the province lately, and one city in the province saw the fastest annual rent growth in the country last month.

Rentals.ca just released its May 2024 Rent Report, which compares the cost of rent in 35 cities across Canada.

Unsurprisingly, Vancouver led the country with the average rent for a one-bedroom landing at $2,646, while Calgary sat in 25th place at $1,736 for a one-bedroom and Edmonton came in at 31st place with $1,353.

YEG has experienced a year-over-year increase of 16.4% in the price of rent for a one-bedroom, while YYC has shot up by 8%.

The site added that when it comes to asking rents for apartments, Edmonton maintained its position as the leader for rent growth among Canada’s largest cities, with asking rents for apartments up 13.3% annually to an average of $1,507 — still well below the average rent in Calgary, which rose 8.6% from a year ago to an average of $2,089.

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Rentals.ca

In a bit of a surprise to some, Rentals.ca says the City of Lloydminster, which straddles the border between Alberta and Saskatchewan, posted the fastest annual rent growth in the country during April.

Asking rents for apartments in that city have shot up 26.7% from a year ago, yet kept a pretty low average monthly cost of $1,122

Overall, Alberta led the top 25 markets for fastest rising rents with seven cities making the list.