The rental market in Edmonton is one of the lowest in Canada and compared to the most expensive in the country, Vancouver, Edmontonians are saving some serious cash on rent.
Rentals.ca has just released its National Rent Rankings for July 2022 and it’s no surprise Vancouver nabbed the top spot with rent for a one-bedroom climbing to a staggering $2,412, while a two-bedroom costs a whopping $3,597.
Compare that to Edmonton, where a one-bedroom costs $1,032, a massive $1,380 less than in Vancouver. If you are looking for a two-bedroom in Alberta’s capital city, that will cost you $1,293, which is $2,304 cheaper than what you’d get in Vancouver.
When it comes to the top five most expensive rental markets in the country, the report revealed it’s entirely occupied by spots in Ontario and British Columbia.
Edmonton’s sister city, Calgary, can be found lower down on the list too at #22. A one-bedroom in cowtown goes for $1,562, while a two-bedroom lands at $1,925.
In comparison to last June, the average rent in Canada is up 9.5% annually but is down 3.5% from June of 2019.
Saskatchewan and Alberta had some of the lowest monthly rental rates, at $1,076 per month and $1,302 per month respectively, with both areas experiencing monthly and annual rent inflation.
So, there you have it.
If you are looking to pad your bank account and maybe save up for a house while still renting, sounds like Edmonton is one of the best spots in the country to do so. We love to see it!