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Lethbridge rental rates up year over year, but down month over month in August

Sep 15, 2020 | 9:16 AM

LETHBRIDGE, AB – Rent in Lethbridge is up year-over-year, but YQL is still an affordable city.

That’s from the latest National Rent Report from Rentals.ca and Bullpen Research and Consulting.

Lethbridge came in 36th on the list for average monthly rent for a one-bedroom in August at $945 and 37th for average monthly rent for a two-bedroom at $1,084.

The report noted that although average monthly rents are up for one and two-bedrooms year over year, they’re down month over month.

In July, the average monthly rent for a one-bedroom in Lethbridge was $956, while residences with two bedrooms were listed at $1,117 per month.

Below is a breakdown of markets in the province, with the average monthly rent rate for August 2020, as well as its place on the list:

· Calgary (29/40):

o One-bedroom in August – $1,183, down 4.8 percent from last year

o Two-bedroom in August – $1,421, down 3.9 percent from last year

· Edmonton (31/40):

o One-bedroom – $1,027, down 2.7 percent from last year

o Two-bedroom – $1,282, down 2.2 percent from last year

· Grande Prairie (32/40):

o One-bedroom – $1,008, down 5.8 percent from last year

o Two-bedroom – $1,181, down 6.8 percent from last year

· Lethbridge (36/40):

o One-bedroom – $945, up three percent year over year

o Two-bedroom – $1,084, up 6.9 percent year over year

· Red Deer (39/40):

o One-bedroom – $832, down 19.5 percent from last year

o Two-bedroom – $961, down 15.9 percent from last year

· Lloydminster (40/40):

o One-bedroom – $741, down 14.7 percent from last year

o Two-bedroom – $879, down six percent from last year

Canada-wide, no surprise, Toronto led the list in August with the highest average monthly rent for a one-bedroom at $2,013 (down 13.8 percent year over year).

On the flip side for hopeful renters in the city, rents for one-bedrooms have dropped in the city for six straight months. The monthly average for a two-bedroom unit in Toronto was $2,655, down 8.9 percent year over year.

Vancouver saw the highest average monthly rent for a two-bedroom unit at $2,709, down 2.3 percent from a year ago.

The average rent for a one-bedroom in the city in August was $1,872, down 5.1 percent year over year.

“The average rent for all property types in Canada remains flat, but rental rates for the most expensive central properties in Toronto, Vancouver and Montreal continue to decline,” stated Ben Myers, president of Bullpen Research and Consulting.

“Despite the lower rent levels and incentives offered by landlords recently, there is less financial motivation to move during a pandemic, especially with Ontario freezing rent hikes on all rent-controlled properties for 2021. The lifting of COVID-19 eviction bans in several provinces could lead to further supply hitting the market and further depressing rent levels.”

The average rent in Canada is down 7.6 percent year over year in August. The National Rent Report can be seen here.