The average monthly rent for a one bedroom suite in Lethbridge is sitting at $1,208, according to the latest Rentals.ca and Urbanization National Rent Report. It rose 20.4 per cent year over year in November, with two-bedroom homes being not far behind. Average rent for a two bedroom rose 19.4 per cent in the city, with the average cost sitting at $1,409.
Across the province, average rent rose 15 per cent year over year, with the average being $1,449 for purpose built rentals and condos.
The report found the average rent nationally increased by 12.4 per cent year over year and sits at $2,024. This is a rise of 2.5 per cent from October and 4.9 per cent in the past three months.
“Rents in Canada are rising at an exceptionally high speed, which is having a profound effect on housing affordability as interest rates continue to rise,” said Shaun Hildebrand, president of Urbanation. “With the most expensive cities experiencing very low supply and the fastest rates of rent increase, regions with high population growth are seeing demand shift into more affordable areas.”
Lethbridge sat 27th on a list of 35 cities for average rent in November for a one bedroom and 30th for a two bedroom.
