One-bed rental cost in Red Deer up 21.1% since July 2022

Jul 15, 2023 | 12:49 PM

Rent for a one-bedroom apartment in Red Deer is now up 21.1 per cent year over year, as of July.

From June to July, however, the price went down 0.6 per cent, sitting at $1,249.

That’s 29th on a list of 35 municipalities, as ranked in the National Rent Report by Rentals.ca.

Red Deer sits well below the 35-city average of $1,837, but is higher than other Alberta cities like Edmonton, Lethbridge and Grande Prairie.

“Rent inflation reaccelerated in June as the Canadian rental market entered into the busy summer season, with each of the country’s largest cities positing double-digit annual increases,” says Shaun Hildebrand, president, Urbanation.

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“It’s no coincidence that cities with the fastest population growth are at the top of the list for rent increases. Expect further upward pressure on rents in the near-term as the market moves through its peak period of the year and demand continues to strongly outstrip new supply.”

(Rentals.ca)

A two-bed unit in Red Deer sits at $1,379, down 5.8 per cent month over month, and up 18.3 per cent from a year ago.

The average for the 35 ranked communities for a double sleeper is $2,249.

by rdnewsNOW staff

One-bed rental cost in Red Deer up 21.1% since July 2022

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