Average rent in Red Deer down slightly for second straight month

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In addition, for a two-bedroom unit, it costs an average of $1,507 per month, down 1.1 per cent month-to-month and 2.0 per cent from a year ago.

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May rent report

Average rent in Red Deer down slightly for second straight month

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Red Deer was also among the top four in the lowest average asking rent for purpose-built and condo rental apartments. Fort McMurray led the way at $1,281 per month followed by Lloydminster at $1,287, Medicine Hat at $1,321, and Red Deer at $1,389.

Provincially, Alberta has the third cheapest rent by Canadian provinces at $1,766 for all property types. Only Manitoba ($1,672) and Saskatchewan ($1,474) were cheaper. Alberta saw a 3.9 per cent decrease in rent year over year.

In Canada as a whole, the average asking rent for all residential properties declined 4.7 per cent year-over-year in May to $2,029, marking the 20th consecutive month of annual rent decreases.

“The Canadian rental market is heading into the peak summer season under a weak economic backdrop, a decreasing population, and record apartment completions, which are all working together to keep rent increases softer than what is typical for this time of year,” said Shaun Hildebrand, President at Urbanation, in a media release. “This should offer continued relief for renters after years of outsized rent inflation.”

The full rent report can be viewed on rentals.ca.