Tuesday, June 21, 2022

Average rent for two bedroom in Lethbridge up 11.5 per cent

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Average rent in Lethbridge for a two-bedroom unit sits at $1,199 in April — an 11.5 per cent increase from the previous year, according to the the Rentals.ca and Bullpen Research & Consulting latest National Rent Report.

It says average rent for a one-bedroom unit is also up by 13.9 per cent from last year and sits at $1,079. Month over month, average rent in Lethbridge in April increased 6.5 per cent for a one-bedroom and was up 5.4 per cent for a two-bedroom. Lethbridge finished 30th on the list of 35 cities for average monthly rent in April.

Alberta average rents were up month over month in April by 2.1 per cent to $1,289.

Average rent for all Canadian properties listed on Rentals.ca in April was $1,821 per month, an annual increase of nine per cent from $1,676 per month in April 2021, according to the report.

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“Average rental rates for single-family homes, townhouses and condominium apartments have experienced strong month-over-month growth as demand increases for higher-end properties,” said Ben Myers, president of Bullpen Research & Consulting. “Big city rents are surging with Vancouver and Toronto leading the way. A return to the office, high gas prices, and rising interest rates are all fueling demand for centrally located rental offerings.”

The April 2021 rent figure was the lowest national average rate over the last four years, with the monthly results in 2022 close to pre-pandemic rent levels. April 2022’s average rent is about $25 lower than the levels experienced the same month in 2020 and 2019, the report said.

Calgary finished 24th on the list with a one-bedroom home at $1,387 and 25th for average monthly rent for a two-bedroom at $1,693. Year over year, average monthly rent in Calgary in April was up 13.9 per cent for both one and two-bedroom units. Month over month, average monthly rent in Calgary in April increased 1.9 per cent for a one-bedroom and was up 4.6 per cent for a two-bedroom. Calgary average rents for condominium rentals and apartments were up 13 per cent year over year to $1,533 in April. Calgary average rents per square foot year over year in April for condo rentals and apartments were up 18 per cent to $2.21.

British Columbia, Saskatchewan and Alberta had the highest month-over-month increases in average rent.

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