No slowing down: Edmonton's rent prices rise nearly 30% annually

A new rent report from Zumper has revealed that Edmonton is continuing to see the fastest year-over-year rent growth in the country.

The March Canadian Rent Report from Zumper showed that Edmonton is the 21st most expensive city for renters, with a one-bedroom coming to $1,300 monthly. However, this is a 2.4% increase month over month and a staggering 27.5% increase from March 2023 to March 2024, the highest in Canada.

“Alberta markets had some of the largest annual rent growth rates in the nation, with Edmonton rent climbing 28% and Calgary rent increasing 12%. Both cities outpaced the national growth rate, and Edmonton more than tripled it,” Zumper writes, adding that interprovincial migration is a large contributor.

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“Alberta’s bustling job market, as employment rates reached record highs there, and overall affordability, especially when compared to pricy markets like Vancouver and Toronto, has made this province highly sought after.”

According to Zumper’s data, Winnipeg saw the second-fastest annual growth in rental prices, at 26.1%. The average cost of a one-bedroom in Manitoba’s capital is slightly higher than Edmonton’s, at $1,400 monthly.

Vancouver remains the most expensive city for renters, with a one-bedroom costing $2,650 per month while a two-bedroom costs an average of $3,700. Though prices are through the roof, Vancouver experienced a -1.9% decrease in the cost of a one-bedroom over the previous month.

Alberta is one of a handful of Canadian provinces that does not have a rent control policy in place, and there are no limits to how much a landlord may increase the rent. However, there are some rules in the Residential Tenancies Act on how and when rent can be increased.

In neighbouring BC, which has the highest rental prices in the country, rent control policies limit annual rent increases for tenants, currently capped at 3.5%.

However, when a renter leaves a unit, there are no legal limits on how much a landlord can increase the price for a new renter.

The Zumper Canadian Rent Report analyzes rental data from hundreds of thousands of active listings across the country.

Listings are then aggregated monthly to calculate median asking rents for the top 23 most populous metro areas.