Monday, August 8, 2022

Lethbridge average rents increases over 12% year over year

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Year over year, average rent in Lethbridge was up 12.7 per cent for a two-bedroom unit in June. The average for one bedroom was up 12.6 per cent. This is according to the latest National Rent Report from Rentals.ca and Bullpen Research and Consulting. 

Lethbridge came in 32nd on the list for average monthly rent in June for a one-bedroom home at $1,054 and 34th for average monthly rents for a two-bedroom at $1,173, according to the report. 

Across the province average monthly rent in June was $1,302, at the same time in 2019 it sat at $1,308. Average rents dropped to $1,220 in June 2020 and $1,216 in June 2021. 

A recent report by the Canada Mortgage and Housing Corporation suggests Canada remains significantly undersupplied for housing, which continues to affect the rental market. Rising interest rates, persistent inflation, supply chain issues, record high immigration levels and employers’ decisions about requiring in-office work are continuing to affect the rental market across Canada, according to rentals.ca.

Bullpen Research and Consulting and Rentals.ca say they expect rents to continue to rise. 

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