Edmonton rent prices continue to rise, but it looks like the pace is slowing
While rent prices continue to fall annually in many cities across Canada, Edmonton’s remain on the rise, though at a slower pace than before.
Rentals.ca just released its December 2024 Rent Report, which compares the cost of rent in 35 cities across Canada.
According to the data, Edmonton once again saw an annual increase in rental costs, with rent for a one-bedroom apartment rising 4.5% yearly to an average of $1,355.
A two-bedroom now costs $1,676 monthly, a 1.6% decrease from last month and a 4.5% increase from December 2023.
However, on the positive side, the average rental prices in the city are lower than they were last month. The average cost for a one-bedroom is 2.1% lower than it was in November, while two-bedrooms are down 1.6% in the same period.
As rents decrease in most Canadian cities, smaller cities account for the majority of places where renters experience annual rent hikes.
Waterloo posted the highest annual rent growth in the country last month at a whopping 26.1%. On average, a one-bedroom apartment in the southwestern Ontario city now rents for $2,048 monthly.
The top 10 most expensive places to rent were unsurprisingly in BC and Ontario; however, rent prices decreased in all but three cities over the past year.
Rentals.ca
Our neighbours to the south in Calgary also saw a decrease in monthly rent prices, paying an average of $1,634 monthly for a one-bedroom apartment. YYC saw a 1.5% drop in rent compared to last month and a 5.9% decrease annually.
Rentals.ca
The report added that the average asking rent for all residential property types in Canada declined to a 15-month low of $2,139 in November. Rents fell 1.6% annually in November, following a 1.2% decrease in October.
But despite the recent dip, average rent prices in Canada are still 67% higher than two years ago and 18.8% higher than they were three years ago.
Rentals.ca said that over the last five years, rent prices in Canada grew by an average of 3.4% annually, generally in line with the long-term growth trend.