Rental prices in Calgary see massive 32% increase compared to last year
People all over the country continue to experience the painful effects of the high cost of living, and the rental market in Calgary continues to play a role in those expenses.
According to a new report from Zumper, Calgary saw the largest year-over-year rent price increase at a whopping 32%.
Zumper
Calgary now takes eighth place for the highest rental costs in Canada. The average rent for a one-bedroom apartment in the city is now $1,800.
Zumper
Prices are up across the country and continue to climb. The average cost of an apartment nationally has gone up by 15% since this time last year.
The average cost of a one-bedroom apartment nationally is now $1,833, while the cost of a two-bedroom is $2,285.
Our friends to the north in Edmonton are also seeing prices spiking, although not as harshly as Calgarians are experiencing.
The average rent for a one-bedroom apartment in YEG currently stands at $1,130, a 13% year-over-year increase.
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Canada.ca attributes the high cost to a few different factors including increased immigration, and there hasn’t been enough construction to meet the demand for more housing. It also mentions the influence of high interest rates on consumers not leaving the rental market.
It’s no surprise that Vancouver took the top spot in the country, with the average rent for a one-bedroom apartment at a staggering $2,800.
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If the rental market in Calgary is bumming you out, you might want to consider moving west as Kelowna saw the largest year-over-year price decline, falling 4.6%.
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