Rent for one bedroom up 20 per cent year over year in Lethbridge in March

Rent for a one bedroom unit in Lethbridge was up 20 per cent year over year in March, according to the latest National Rent Report from Rentals.ca and Urbanation. The average cost is sitting at $1,210, while the average for a two bedroom is $1,377 — up 18.6 per cent year over year. 

Lethbridge is among the lowest rent prices in the country, finishing 29th on the list of 35 cities for average monthly rent in March

For the second straight month, Calgary had the fastest increasing rents among Canada’s largest cities in March for condominium rentals and apartments. Rents rose 24.9 per cent year over year to $1,890 in Calgary. 

The report says there was an increase of 13.4 per cent in rent for condos and apartments across Alberta.

Nationally, average rent for all property types rose 10.8 per cent year over year in March and is sitting at $2,004. Month to month, the prices were up one per cent, the first monthly increase since November, according to the report.

Average asking rents have grown by $196 in Canada over the past year and the reports says this indicates housing demand is higher than supply.

“Spring arrived with a highly competitive rental market in Canada, driven by a record population increase of over one million people in the past year and low homeownership affordability after last year’s spike in interest rates. With supply unable to keep up with current levels of demand, expect further upward pressure on rents in the coming months,” said Shaun Hildebrand, president of Urbanation.