Albertans are renewing their leases and the price increases are shocking

While Albertans have felt comparatively less pain when it comes to Canada’s housing crisis, it appears things are starting to change.

By now, we have all seen the shocking rent prices in places like Toronto and Vancouver, which inspired our provincial government to capitalize on people looking for a change with the “Alberta is Calling” campaigns touting the province’s affordability.

But with an influx of people, vacancies are running low, driving up demand and prices for places to live in Alberta.

Under Alberta’s Residential Tenancies Act, there are essentially no rules regulating how much a landlord can increase your rent when it’s time to renew your lease. This contrasts with our neighbours in BC, where tenants cannot see their rental prices rise by more than 2% annually.

The lack of caps has led some to report dramatic increases in their rental prices in Alberta. After a user claimed a 16% increase in their rent after renewal, they took to Reddit to ask others, “How much did your rent increase?”

“Live in Calgary. Rent went from $1,400 to $2,200. Won’t be staying in Calgary beyond this lease period,” one person wrote.

“It raised by 12% last year and I am so scared of the renewal coming in October right now; Boardwalk is my LL,” said someone else.

Another person wrote, “10% but was told I was lucky because the rent for people moving into the building face an even larger increase. And ngl this is a pretty s**t building. This isn’t sustainable.”

“When my friend and I rented this apartment early last year, it was $1,350. Upon renewal, they wanted a $100 increase. Looking on their website now, I’m seeing the same apartments for $1,600, so I won’t be surprised if they want another $100 increase,” another replied.

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People with mortgages even chimed in with the increase in their payments due to higher interest rates.

“We are not renters (homeowners living in our home). But our mortgage has gone up $860/month in the last year.”

Prices year-over-year have climbed dramatically in Alberta cities, including a 13% price increase to the average one-bedroom apartment in Edmonton and a staggering 32.1% in Calgary.

Calgary now takes eighth place for the highest rental costs in Canada, according to a report released yesterday by Zumper. The average rent for a one-bedroom apartment in the city is now $1,800, while a two-bedroom pad shoots up to $2,030, a nearly 24% year-over-year increase.

Renters in Edmonton are also seeing a spike, although not as harshly as Calgarians are experiencing.

The average rent for a one-bedroom apartment in YEG currently stands at $1,130, an entire $680 cheaper per month compared to YYC.

A two-bedroom costs $1,410 in Edmonton, while rent for a two-bedroom in Calgary ballooned to $2,030.