(Dreamstime)

By Sheldon Spackman

$1,017 Per Month For One Bedroom In October

Average Red Deer rental rates in October higher than last year

Nov 16, 2022 | 10:20 AM

Despite a small drop in the average rent for a one bedroom unit in Red Deer last month, average rents for both one and two bedrooms units are still higher when compared to last year.

According to the latest National Rent Report, the average rent for a one bedroom unit in Red Deer last month was $1,017 per month, placing Red Deer 34^th on the list of 35 Canadian cities included in last month’s report. That’s down 0.8 per cent from September but still 2.3 per cent higher than October 2021.

Meanwhile, the average rent for a two bedroom unit in October was $1,232 per month, 6.9 per cent higher than September and 8.3 per cent higher than October of last year.

Elsewhere throughout Alberta, Calgary placed 26^th on the list with an average rent of $1,448 per month for a one bedroom unit in October and $1,771 per month for a two bedroom place.

Lethbridge placed 30^th on the list with an average rent of $1,118 per month for a one bedroom unit in October and $1,294 per month for a two bedroom residence.

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Edmonton was 31^st on the list with an average rent of $1,095 per month for a one bedroom unit in October and $1,413 per month for a two bedroom.

Grande Prairie placed 35^th on the list with an average rent of $968 per month for a one bedroom unit in October and $1,173 per month for a two bedroom unit.

Vancouver topped the list with an average rent of $2,576 per month for a one bedroom unit in October and $3,521 per month for a two bedroom place.

According to Rentals.ca, the latest annual increase for rents across the country was more than double the annual increase in average hourly wages of employees in Canada at 5.6 per cent, as reported by Statistics Canada for October.