By rdnewsNOW Staff

Affordable Living

Red Deer continues trend of affordable rental rates

Mar 20, 2021 | 10:30 AM

Red Deer has been identified as having the most affordable average monthly rent for a two bedroom unit amongst 35 Canadian cities included in the latest National Rent Report.

According to Rentals.ca, average rents are down both monthly and year over year in Red Deer.

The city finished 32nd on the list, with an average monthly rent in February for a one-bedroom home at $925 and placed 35th on the list for having the most affordable average monthly rent for a two-bedroom residence at $995.

Month over month, average rent was down in Red Deer for a one-bedroom by 5.8 per cent and down 3 per cent for a two-bedroom.

Year over year, average monthly rent was down by 3.6 per cent for a one-bedroom and down 4.1 per cent for a two-bedroom.

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Elsewhere in the province, Calgary finished 23rd on the list of 35 cities for an average monthly rent in February for a one-bedroom home at $1,208 and 24th for an average monthly rent for a two-bedroom at $1,500.

Fort McMurray came in 27th with an average monthly rent in February for a one-bedroom home at $1,038 and 28th for an average monthly rent for a two-bedroom at $1,243.

Edmonton finished 28th on the list with an average monthly rent in February for a one-bedroom home at $1,030 and 27th for an average monthly rent for a two-bedroom at $1,262.

Lethbridge came in 30th for an average monthly rent in February for a one-bedroom home at $949 and 33rd for an average monthly rent for a two-bedroom at $1,079.

Grande Prairie came in 33rd on the list with an average monthly rent in February for a one-bedroom home at $874 and 31st for an average monthly rent for a two-bedroom at $1,100.

Vancouver topped the list last month of having the highest rental rates in Canada. A one bedroom unit rented for an average of $1,891 per month in February, while a two bedroom unit rented for an average of $2,568 per month – over 8 per cent lower than last year.