Rent for a one-bedroom in Edmonton propels by 20% since last year

As rent prices in some of Canada’s most expensive cities either contract or barely rise, Edmonton is on the opposite end of the spectrum, seeing a huge year-over-year price jump.

A new report from Zumper found that the cost of renting a one-bedroom property in the city rose by 1.5% to land at $1,360; however, its year-over-year increase was the second largest in all of Canada, rising a whopping 20.4%.

Only Winnipeg surpassed Edmonton in that rent race, rising 22.3%, respectively.

The price of a two-bedroom property declined by 0.6% over last month and rose by 14% year-over-year, landing at $1,630.

Zumper

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For our neighbours to the south, Calgary is down to 12th place. The one-bedroom rent rate has not risen since last month, currently sitting at $1,780. A two-bedroom property in YYC costs renters on average $2,160, a 4.4% month-over-month price drop.

At the top, Vancouver’s one-bedroom rent was down annually for the 4th consecutive month, sitting at just under $2,700, and the city’s two-bedroom rent rate was also in the negatives.

Zumper added in the report that apartment construction starts in Vancouver, Toronto, Calgary, and Ottawa reached record levels last year, so increased supply is likely a major contributor to decreasing rates in those cities.

Meanwhile, Winnipeg remained the city with the fastest-growing rent, with the price of one-bedrooms jumping over 22% since this time last year.