(Lethbridge News Now)

By David Opinko

COVID causes rent price drops across the country, especially in Lethbridge

May 14, 2020 | 10:27 AM

LETHBRIDGE, AB – Of 33 cities analyzed coast-to-coast, Lethbridge is now the most affordable to rent a home.

According to the latest National Rent Report from Rentals.ca and Bullpen Research and Consulting, the COVID-19 pandemic has forced prices to drop considerably in many communities.

“With the gradual opening of the economy, this may be the low point for rental rates in some time if tenants feel comfortable enough to move,” Matt Danison, CEO of Rentals.ca.

In April, a typical one-bedroom unit in Lethbridge listed for $897 per month, a drop of 6.9 per cent from March.

Likewise, it cost 8.5 per cent less for homes with two bedrooms, as those fell in price to $989.

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The national average is $1,430 per month for a single room (-1.3 per cent) and $1,734 for two bedrooms (-4.6 per cent).

“Many large landlords are staying firm on their asking rents, willing to wait out the pandemic, offering incentives like $500 off or a free month of rent,” reads this month’s report. “Smaller landlords appear to be more willing to lower their asking rent to attract the prospective tenants that are looking for apartments.”

Across Alberta, the average rent for all residential property types was $1,164 per month, down 5.7 per cent.

Six communities in the province were studied. Of these, renting a home in Lethbridge cost the least.

The provincial breakdown, with the national ranking out of 33 in brackets, is as follows:

• Calgary (23):
  • One bedroom: $1,156, -2.6 per cent
  • Two bedrooms: $1,346, -5.8 per cent
• Fort McMurray (25):
  • One bedroom: $1,077, -5.4 per cent
  • Two bedrooms: $1,161, -7 per cent
• Edmonton (26):
  • One bedroom: $1,004, -5.3 per cent
  • Two bedrooms: $1,196, -7.9 per cent
• Grande Prairie (29):
  • One bedroom: $934, -10.8 per cent
  • Two bedrooms: $1,201, -1.7 per cent
• Red Deer (31):
  • One bedroom: $913, -3.5 per cent
  • Two bedrooms: $1,012, -3.5 per cent
• Lethbridge (33):
  • One bedroom: $897, -6.9 per cent
  • Two bedrooms: $989, -8.5 per cent

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