By Sheldon Spackman

Affordable ACCOMODATIONS

Red Deer among lowest rents in Canada for third straight month

Aug 19, 2020 | 3:06 PM

For the third straight month, Red Deer has finished last on the National Rent Report list with having the least expensive rent for both a one-bedroom and two bedroom unit last month.

July’s report charts rents for 32 cities across Canada, and according to the list, the average rent for a one bedroom residence in Red Deer in July was $872 and $1,022 for a two-bedroom unit.

Month over month, rents were up in Red Deer in July with a 0.2 per cent increase for a one-bedroom and 6.1 per cent increase for a two-bedroom unit respectively. But overall, they are still down year over year for a one-bedroom at 16.3 per cent lower and 13.4 per cent lower for a two-bedroom place.

Year over year, however, Red Deer average monthly rents for apartments and condominium rentals were down 14 per cent in July.

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By comparison, Lethbridge finished 28^th on the list with the average monthly rent for a one bedroom unit last month at $956, while a two bedroom averaged $1,117.

In Alberta’s two largest cities, Edmonton placed 24^th on the list and reported an average monthly rent of $1,050 for a one bedroom in July and $1,295 for a two bedroom.

The average monthly rent for a one bed unit in Calgary in July was $1,194 while a two bedroom cost $1,446. Calgary placed 21^st on the list.

Grande Prairie, the only other Alberta city on the list, placed 27^th overall with a one bedroom average rent of $995 and $1,193 for a two bedroom.

Toronto recorded the highest rents in Canada in July, with the average rent for a one bedroom at $2,051 and $2,709 for a two bedroom.

The average monthly rent for all Canadian properties listed on Rentals.ca in July was $1,771, up $1 over June but still down 8.1 percent year over year.

Officials note, the $1 increase represents the first time the average rent increased on a monthly basis since September 2019, even though average asking rents nationally are still down 9.4 per cent from that market peak of $1,954 that month.

The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on Rentals.ca for Canada.