The average monthly rent for an apartment has gone down significantly across the country this year, but if you rent a place here in Lethbridge you likely haven’t noticed much of a difference.
A report from Rentals.ca says Lethbridge has bucked the national trend with average rent increasing nearly 1% for a one bedroom apartment and up almost 6% for a two bedroom place. Despite that, the report says Lethbridge is still affordable foe renters.
That’s compared with the same 11 month period last year.
In November, Lethbridge came in 32nd on the list of 35 cities for average monthly rent in November for a one bedroom home at $953 and for average monthly rend for a two bedroom at $1,112.
Lethbridge has bucked the downward trend with average rents up 0.5% in November month-over-month for a one bedroom and up 3.3% for a two bedroom.
Rentals.ca says average monthly rent across the country has dropped 9.1% over last year, with the COVID-19 pandemic having a lot to do with that, however analysts expect things will change in 2021.
As for Alberta, average monthly rent as a whole across the province declined 3% in Alberta year-over-year in 2020 from $1,275 in 2019 to $1,232 in November 2020.
Condominium apartments have seen the biggest drop among all property types this year with average monthly rents falling 19% annually.
The most expensive rent in Canada remains in the big cities Toronto, Vancouver, and Montreal.