Here’s how much extra Edmonton renters are paying compared to 2023

Edmonton renters are paying more than they were two years ago, but a new report shows relief may be on the way as prices start to fall.

According to the latest rent report from Rentals.ca, Edmonton ranks as the 51st most expensive city for renters, with a one-bedroom unit averaging $1,386, a 0.4 per cent decrease compared to the previous month, and a 4.7 per cent price drop compared to this time last year.

A two-bedroom apartment in Edmonton now costs $1,737 per month, down 1.2 per cent from last month and a year ago.

Two years ago, a one-bedroom rented for $1,279 per month, while a two-bedroom went for $1,580. That means rents have increased by $107 for a one-bedroom unit and $157 for a two-bedroom unit over the past two years.

For minimum wage workers in Alberta, that adds up to an extra day of work just to cover the increase.

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The good news, however, is that rent prices are now trending down. The overall average rent in Edmonton fell by 2.3 percent to $1,573, marking the largest drop among Canada’s major cities since the COVID-19 pandemic.

Smaller annual decreases were seen in Ottawa, down 1.3 per cent to $2,190, and in Montreal, down 0.5 to $1,981, Rentals.ca wrote.

Nationally, asking rents in Canada decreased by 3.2 per cent in September compared to last year’s record high, averaging $2,123. It marked the twelfth straight month of year-over-year declines, following three years of consistent increases from August 2021 to September 2024.

The last comparable period was during the pandemic, when rents fell for 15 consecutive months, from May 2020 to July 2021.

“The latest rent declines have coincided with record high apartment completions, population decreases for non-permanent residents, and a weakening job market,” the report states.

Canada’s most expensive city for renters in October was North Vancouver, where a one-bedroom apartment averaged $2,570 per month. Vancouver followed at $2,501, with Toronto ($2,295), Burnaby ($2,276), and Oakville ($2,226) rounding out the top five.

Just south of Edmonton, Calgary renters can expect to pay $1,675 for a one-bedroom and $2,068 for a two-bedroom apartment on average.

You can find the full report on the Rentals.ca website.