The average monthly rent for a one bedroom suite in Lethbridge was $1,167 in December, according to the latest Rentals.ca and Urbanization National Rent Report. It rose 17.5 per cent year over year, with two-bedroom homes being not far behind. Average rent for a two bedroom rose 15.2 per cent in the city, with the average cost sitting at $1,386.
Alberta had the third highest population growth in 2022 and the third highest annual rent increases for condo rentals and apartments in December at 16.8 per cent, according to the report.
The report found the average rent nationally increased by 12.2 per cent year over year and sits at $2,005, an increase of $217 over the same month last year. The average rate of annual rent increase for 2022 was 10.9 per cent over 2021.
“The Canadian rental market had one of its strongest years ever in 2022, more than reversing any weakness experienced during the pandemic. Rental demand is primarily being driven by a quickly growing population that is finding it increasingly more difficult to afford homeownership or find suitable rental housing,” said Shaun Hildebrand, president of Urbanation. “Looking ahead for 2023, rents are expected to continue rising, but less heated growth can be expected as the economy slows and new rental supply rises to multi-decade highs.”
Lethbridge sat 29th on a list of 35 cities for average rent in December for a one bedroom and 30th for a two bedroom.