Edmonton rent prices are still rising but relief is on the way
Rent prices continue to see annual growth in Edmonton, but it appears some relief may finally be on the horizon.
Rentals.ca just released its January 2025 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 3.3% yearly to an average of $1,328. A two-bedroom now costs $1,655 monthly, a 3.3% increase from January 2024.
On the positive side, however, average rental prices in the city are lower than last month, marking the thirdĀ consecutive month of rent price declines.
The average cost for a one-bedroom is 2% lower than in December, while two-bedrooms went down 1.3% in the same period.
Smaller cities once again accounted for the majority of places where renters experience annual rent hikes.
Lethbridge posted the highest annual rent growth in the country last month at a whopping 14.5%. On average, a one-bedroom apartment in the southern Alberta city now rents for $1,366 monthly.
The 10 most expensive places to rent were unsurprisingly in BC and Ontario; however, rent prices decreased in all but one city over the past year.
Rentals.ca
Our neighbours to the south in Calgary also saw a decrease in annual rent prices, paying an average of $1,606 monthly for a one-bedroom apartment.
Rentals.ca
The report added that average asking rents for all residential property types in Canada ended 2024 down 3.2% compared to the end of 2023, falling to a 17-month low of $2,109 in December.