Edmonton is one of the most affordable cities to rent but prices are rising
While we continue to enjoy relatively affordable housing here in Edmonton, it appears other parts of the country are taking note of Alberta’s low rental costs.
Rentals.ca released its June 2023 Rent Report, which compares the cost of rent in cities across Canada.
Rentals.ca
At number 31 on the list of 35 cities, Edmonton is the most affordable Canadian city of comparable size, ranking below Calgary, Winnipeg, Montreal, and everywhere listed in British Columbia and Ontario.
Rentals.ca
According to the report, a one-bedroom apartment will cost an average of $1,176 in Edmonton and $1,500 for a two-bedroom unit.
Although we welcome the news of being more affordable than many parts of the country, rent prices for a one-bedroom are up an alarming 11.3% compared to this time last year, and two-bedrooms have seen a 13.1% increase.
Rent prices in Alberta are now increasing at a higher rate than anywhere else in the country.
The year-over-year increase in Alberta generally for a one-bedroom has increased by 15% compared to the second fastest, Ontario, which saw a 14% increase over last year.
- You might also like:
- “Downright mythical”: Only 15 Canadian cities have homes for sale for under $200K
- You can still buy a house for UNDER $200K in these five Alberta cities
- Saving up for a home takes 31 months in Edmonton but 400+ in Vancouver
A two-bedroom has ballooned by 14% in Alberta compared to Ontario’s 12%, and a three-bedroom has gone up by 17% in the province against Ontario’s 10% increase. The report says that despite the rapid growth, Alberta rent is still 22% below the average for Canada.
Canadians across the country are feeling the pinch of rising living costs. The average rent for all Canadian properties listed on Rentals.ca in June was $2,014 per month, up 6.5% annually.
Rentals.ca