By Ian Gustafson

Affordable rent

Red Deer apartment rent prices among the cheapest in mid-sized Canadian cities

Nov 7, 2024 | 1:55 PM

Red Deer is among the most affordable cities in Canada when it comes to apartment rent prices.

This is according to the November 2024 National Rent Report by Rentals.ca and Urbanation Inc., which noted that Red Deer is among the top 10 most affordable small to mid-sized cities for average apartment rents in Canada.

In fact, six of the top 10 cities were located in Alberta including Lloydminster ($1,176), Fort McMurray ($1,308), Grande Prairie ($1,374), Medicine Hat ($1,396), Red Deer ($1,470), and Lethbridge ($1,489).

Some of the other affordable markets outside of Alberta were Sherbrooke ($1,300), Regina ($1,390) and Saskatoon ($1,433).

(Photo contributed by Rentals.ca and Urbanation)

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In Canada overall, the average asking price for rent fell 1.9 per cent in October and 2.2 per cent over the last three months.

This marks the first national decline in rent since the COVID-19 pandemic. Officials say rent growth in the country has been slowing down since the summer with a 9.3 per cent incline reported in May.