Month-over-month, the average rental prices for one and two-bedroom units in Lethbridge declined in October. That’s from the latest National Rent Report by Rentals.ca and Urbanation.
Officials told My Lethbridge Now that the average price to rent a one-bedroom unit in the southern Alberta city was $1,330 a month, which is down 4.9 per cent month-over-month. However, the average price saw a rise year-over-year, up 9.5 per cent.
For two-bedroom units in Lethbridge, it cost renters on avareg $1,574 a month in October. That is a drop of 2.3 per cent month-over-month, but an increase of 9.4 per cent year-over-year.
The statistics show the average price to rent studio units went up in October, listed at $1,167 a month. That is a jump of 3.3 per cent month-over-month and 11.0 per cent year-over-year.
NATIONAL RENT
Nationally, officials say the average asking rents for all residential property types in Canada fell by 1.2 per cent year-over-year in October. This marks the first annual rent decline since July 2021.
“It is a rare occurrence for rents to decline at the national level,” says Shaun Hildebrand, president of Urbanation. “This is happening as the key drivers of rent growth in recent years — a strengthening economy, quickly rising population, and worsening homeownership affordability — are beginning to reverse. As a result, we can likely expect this trend for rents to continue in the near-term, particularly as apartment completions remain at record highs.”
Vancouver, British Columbia was listed as the most expensive place to live for renters.
Although the average monthly rent for a one-bedroom unit was down 1.5 per cent month-over-month and 9.1 per cent year-over-year, rent was listed at $2,610 in October.
Meanwhile, two-bedroom units rented for an average of $3,430 a month. That is down 1.7 per cent month-over-month and down 9.2 per cent year-over-year.
ALBERTA
In Alberta, Calgary was the highest listed city in the report, with one-bedroom units renting for $1,658 on average.
That is a decline of two per cent month-over-month and down 4.3 per cent year-over-year.
Two-bedroom units in Calgary cost renters $2,004 on average per month, a decline of 3.4 per cent month-over-month and a drop of 7.0 per cent year-over-year.
The full National Rent Report is available online.
