Expect more rent price increases in Edmonton this year: report
Rent in Alberta is expected to increase province-wide in 2024, and its capital city isn’t an exception.
According to a recent report from rentals.ca and Urbanation, Edmonton’s rental market will continue to see annual growth this year, following a pattern where prices increased in 2023.
Even though average asking rents for apartments were considerably less than in Calgary at $1,467, the report says annual rent growth accelerated to 13.5% in 2023.
“Relatively affordable markets, such as those in Alberta, should continue to experience above-average rent increases, while more expensive markets, such as those in BC and Ontario, should continue to experience rent increases below the national average,” the report reads.
“Rental demand is expected to remain strong, experiencing some moderation compared to 2023 due to a slowing economy, a reduced number of non-permanent residents, and an improvement in homebuying activity as interest rates begin to decline.”
In 2023, Alberta had the fastest-growing rents for purpose-built and condominium apartments among Canadian provinces, recording a 15.6% annual increase in December to reach an average of $1,691.
This followed a 16.8% increase in Alberta rents in 2022.
Even though Alberts is forecasted to see an above-national average price increase in 2024, rental costs across the province and its cities will still be below markets typically known for being more expensive.
The data in rentals.ca’s analysis is based on monthly listings from the platform’s Network of Internet Listings Services. This data differs from the numbers collected and published by the Canada Mortgage Housing Corporation.
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