Rental sign -- LNN

By Connor Gunn

Average rent in Canada declines for third straight month

Jul 17, 2020 | 6:00 AM

LETHBRIDGE, AB– The average monthly rent cost for two-bedroom apartments in June according to Rentals.ca was $1,770 which is down by 2.4% from the month before.

Numbers were reported in the National Rent Report.

The COVID-19 pandemic continues to put pressure on the rental market nationally, with rent declining 9.4 per cent in June, and average monthly rents decreasing in April, May, and June.

Toronto takes the top spot on the list for average monthly rent in June for a one-bedroom home at $2,063 and 1st for average monthly rent for a two-bedroom at $2,684.

Lethbridge came in 30th for average monthly rent in June for a one-bedroom home at $954 and 29th for average monthly rent for a two-bedroom at $1,288.

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Rents for a one-bedroom and two-bedroom in Lethbridge were up month over month and year over year which means prices for rent were much higher at this time last year.

Calgary finished 24th on a list of 33 cities for average monthly rent in June for a one-bedroom home at $1,164 and 25th for average monthly rent for a two-bedroom.

The City of Edmonton came in 26th for average monthly rent in June for a one-bedroom home at $1,045 and for average monthly rent for a two-bedroom at $1,288.

Three-bedroom suites increased by 6.8 per cent, two-bedroom units jumped 5.8 per cent and one-bedroom units were up 4.8 per cent in year-over-year numbers.

“Tenant demand has returned to the market as lockdown restrictions end, and employers bring back furloughed employees and rehire staff.” Says CEO of Rentals.ca Matt Danison.

It’s safe to say that the time to rent an apartment is now.

To see the full report see: https://rentals.ca/national-rent-report