Red Deer ranked ninth among top Canadian markets in average rent

Aug 6, 2026 | 11:11 AM

Red Deer remains one of the most affordable Canadian markets to rent in, despite an uptick in average asking rent in July.

According to the National Rent Report by Rentals.ca and Urbanation, Red Deer was ranked 52nd out of 60 Canadian markets for average rent by city and unit type in July. Red Deer was ranked 55th in June and 53rd in May.

Average rent in July in Red Deer was $1,536 per month, an increase of the $1,508 per month reported in June.

A one-bedroom unit in Red Deer cost $1,239 per month in July compared to the $1,337 reported in June. 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 $1,509 per month in July compared to $1,499 per month in June. In May, it cost 1,507 per month for a two-bedroom unit.

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Red Deer ranked ninth among top Canadian markets in average rent

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Red Deer was also among the top five with the lowest average asking rent for purpose-built and condo rental apartments in July. Fort McMurray led the way at $1,313 per month, followed by Medicine Hat at $1,337, Lloydminster at $1,338, Saskatoon at $1,402, and Red Deer at $1,402.

Provincially, Alberta had the third-cheapest rent among Canadian provinces at $1,767 per month for all property types. Alberta saw a 4.2 per cent drop in rent year over year. Only Manitoba ($1,658) and Saskatchewan ($1,442) were cheaper per month.

In Canada, the average asking rent for all residential properties declined four per cent year-over-year in July to $2,037, marking the 22nd consecutive month of annual rent decreases.

However, the pace of decline continued to ease, marking the smallest annual decline since February 2026. Officials say rents were up 0.2 per cent month-over-month in July, a fourth consecutive monthly increase since asking rents hit a 35-month low earlier this year.

The full report can be viewed on rentals.ca.

by Ian Gustafson

Red Deer ranked ninth among top Canadian markets in average rent

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