By Sheldon Spackman

Affordable accomodation

National report reveals Red Deer rents most affordable in Canada

Jun 12, 2020 | 5:25 PM

Red Deer is one of the most affordable cities to rent in across Canada.

A new report from rentals.ca and Bullpen Research & Consulting shows Red Deer rents are down monthly and yearly as the COVID-19 pandemic continues to put downward pressure on rental markets in many cities across the country.

The average rent for all Canadian properties listed for rent in May on Rentals.ca was $1,814 per month, down 1.4 per cent monthly and 5.4 per cent annually.

The median rental rate was $1,750 per month in May, down $50 from April 2020 and May 2019.

On the list of 34 cities, Red Deer was the last and most affordable community on the list for renters with the average monthly rent for a one-bedroom home at $892 and average monthly rent for a two-bedroom at $931.

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Officials note Red Deer rents are down for a one-bedroom and two-bedroom month over month, and down year over year at 17.3 per cent for a one-bedroom and 21.2 per cent for a two-bedroom.

“Tenants have been more dramatically impacted by pandemic-related job loss than homeowners, and are not currently looking for apartments or other rental accommodation,” says Ben Myers, president of Bullpen Research and Consulting, in a press release. “This sharp drop in demand has resulted in landlords dropping their asking rents in most major markets across the country.”

“There was a significant increase in website traffic on Rentals.ca in May,” adds Matt Danison, CEO of Rentals.ca. “It appears prospective tenants are doing their research to prepare for a move in the near future.”

The report further indicates that renter preferences on where to live are also difficult to predict since the onset of the COVID-19 pandemic, as working from home could be having a small effect in some cities.

Elsewhere in Alberta, Calgary finished 26th on the list of 34 cities for an average monthly rent in May for a one-bedroom home at $1,138 and for a two-bedroom at $1,358.

The average monthly rent for apartments and condominium apartments in Calgary was unchanged in May over April at $1,219.

Edmonton came in 29th for asn average monthly rent in May for a one-bedroom home at $1,002 and 28th for average monthly rent for a two-bedroom at $1,214.

The average rent for apartments and condominium apartments in Edmonton was up 1.0 per cent May over April at $1,068 after being down 11 per cent April over March.

Lethbridge came in 32nd for an average monthly rent in May for a one-bedroom home at $941 and 33rd for average monthly rent for a two-bedroom at $1,007.

The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on Rentals.ca for Canada.