Red Deer ranked sixth among top Canadian markets in average rent

A one-bedroom unit in Red Deer costs $1,337 per month, up 0.3 per cent month-to-month and up 3.2 per cent year-over-year. In May, it cost $1,333 per month for a one-bedroom unit.

In addition, for a two-bedroom unit, it costs an average of $1,499 per month, down 0.5 per cent month-to-month and 3.3 per cent from a year ago. In May, it cost 1,507 per month for a two-bedroom unit.

Red Deer was also among the top six with the lowest average asking rent for purpose-built and condo rental apartments. Lloydminster led the way at $1,306 per month followed by Fort McMurray at $1,323, Medicine Hat at $1,347, Grande Prairie at $1,384, Regina at $1,397, and Red Deer at $1,399.

Provincially, Alberta has the third-cheapest rent among Canadian provinces at $1,766 for all property types. Only Manitoba ($1,673) and Saskatchewan ($1,458) were cheaper. Alberta saw a 4.2 per cent decrease in rent year over year.

In Canada, the average asking rent for all residential properties declined 4.3 per cent year-over-year in June to $2,033, marking the 21st consecutive month of annual rent decreases.

However, officials say the pace of decline continued to ease after larger annual drops of 5.3 per cent in March and 4.7 per cent in April and May.

“Canada’s rental market continued to show signs of improvement in June, with rents rising for a third straight month and the pace of annual declines easing from earlier in the year,” said Shaun Hildebrand, President at Urbanation. “Toronto’s gradual stabilization could be an early signal that the market is beginning to bottom out this cycle.”

The full report can be viewed on rentals.ca.

by Ian Gustafson

Red Deer ranked sixth among top Canadian markets in average rent

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