Rent prices in Lethbridge are now higher than prices in Edmonton
Rent prices seem to be constantly ebbing and flowing, and right now, the cost of rent is higher in Lethbridge than in Alberta’s capital city of Edmonton.
Rentals.ca, in conjunction with Urbanation, released its May national rental report, revealing that the average asking rents in Canada decreased 2.8 per cent from a year ago to $2,127 in April, consistent with the decrease recorded in March and representing the seventh consecutive month of annual rent declines.
A one-bedroom in Lethbridge is renting for $1,322, a 3.2 per cent drop month-over-month but a 2.6 per cent rise year-over-year. That’s more than the price of rent in Edmonton, which is sitting at $1,316, a tiny 0.4 per cent rise month-over-month and a 2.8 per cent drop year-over-year.
Renters in Calgary are seeing some serious relief, dropping nine per cent year-over-year for a one-bedroom at $1,579, while nearby Airdrie has been treated to an even larger yearly drop, plummeting by 12.5 per cent to land at $1,466.
Urbanation Inc., Rentals.ca Network data
The most expensive city to rent in was North Vancouver, with a one-bedroom coming in at an average of $2,680, followed by Vancouver and Coquitlam at $2,536 and $2,375, respectively.
The entire top 10 of the most expensive cities to rent in Canada were in British Columbia and Ontario.
Looking at the average rent in Canada by province, Alberta has seen a year-over-year change of a little under two per cent for all rental types; however, one-bedroom rentals have seen the largest decline at three per cent to sit at an average of $1,526.
The report also stated that despite the decrease during the past year, average rents remained 6.2 per cent higher than two years ago and were 28 per cent higher than the pandemic low reached four years ago in April 2021.
You can view the full Rentals.ca report online.