Wednesday, August 10, 2022

Lethbridge rent on the rise, but remains affordable

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Lethbridge rental prices are continuing to rise, but the city remains one of the most affordable to date.

The latest report from Rentals.ca has Lethbridge tied for 31st place on a list of 35 cities when it comes to average monthly rent for a one-bedroom unit in May and 32nd place for a two-bedroom, running renters about $1,043 and $1,210.

Overall, Lethbridge saw, year over year, a nine percent increase for one-bedrooms and a 14.2 percent increase for two-bedrooms.

“After relatively flat rents on average in Canada during the first four months of the year, rents rose sharply in May, as interest rate hikes dissuaded would-be buyers from leaving the rental market.” says Ben Myers, president of Bullpen Research & Consulting. “The typical seasonal increase in demand in the spring, coupled with renewed interest in more expensive downtown properties in Vancouver and Toronto also contributed to the rise in rents nationally.”

Canada-wide, average rent rose 3.7 percent from April to May, and a total of 10.5 percent year over year in May.

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