By Sheldon Spackman

Rental Rate Increases

Rental rates rise in Red Deer but remain amongst lowest in Canada

Oct 15, 2020 | 2:32 PM

According to the latest National Rent Report, Red Deer continues to offer some of the most affordable rental accommodations in both Alberta and across Canada.

In September, the average monthly rent for a one bedroom apartment or condominium was $925 per month – up 11.2 per cent from August, but still down 11.9 per cent from the same month last year. That places Red Deer at 32 on a list of 35 Canadian cities contained in last month’s report.

Average rent for a two-bedroom unit was $1,044 in September – up 8.7 per cent from August, but still down 11.7 per cent from September, 2019.

Elsewhere in Alberta, Calgary placed 24 on the list with an average rent of $1,195 per month for a one-bedroom unit in September, while the average two-bedroom rented for $1,476.

Edmonton placed 27 on the list with an average rent of $1,038 per month for a one-bedroom unit, while the average two-bedroom rented for $1,270.

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Grande Prairie placed 28 on the list with an average rent of $980 per month for a one-bedroom unit, and $1,153 per month for a two-bedroom place.

In Lethbridge, the average rent for a one-bedroom unit was $956 last month, while a two-bedroom rented for an average of $1,087.

Lloydminster, AB reported the lowest average monthly rent throughout the province in September, with a one-bedroom unit renting for an average of $737 per month, and two-bedrooms at $885.

Toronto topped the list of Canadian cities for monthly rental rates in September – reporting an average of $1,967 per month for a one-bedroom unit and $2,569 per month for a two-bedroom.

Alberta average monthly rents for all property types declined by three per cent year over year in September to $1,240.

The average rent for all Canadian properties listed on Rentals.ca in September was $1,769 per month, down 9.5 per cent annually.