Apartment for rent sign. (Dreamstime)

By David Opinko

Home rental prices down nationally but up in Lethbridge

Nov 17, 2020 | 10:35 AM

LETHBRIDGE, AB – While it still costs less than average to rent a home in Lethbridge, other cities became more affordable over the last year.

According to the latest National Rent Report from rentals.ca and Bullpen Research and Consulting, the average single-bedroom unit in Lethbridge went for an average of $949 per month in October, falling 0.7 per cent from the month prior. Year-over-year data for this is not available.

Conversely, homes with two bedrooms got more expensive. They rented for $1,104, a month-to-month increase of 1.6 per cent and 8.8 per cent compared to 2019.

For all property types, the average monthly cost of rent was $1,782, a drop of 8.1 per cent compared to the same time last year.

“We continue to see an increase in listings nationally, which tells us that supply is outpacing demand. This market imbalance suggests soft rental market conditions will continue for the rest of the year,” says Matt Danison, CEO of Rentals.ca.

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35 Canadian communities were analyzed for this report which includes five in Alberta. Provincially, Calgary was the most expensive while Red Deer was the least.

Below, we have the Albertan cities listed with the brackets next to the city’s name indicating its place on the national ranking out of 35.

• Calgary (24)
  • One bedroom: $1,198 (+0.6 per cent year-over-year)
  • Two bedrooms: $1,472 (+4.3 per cent year-over-year)
• Edmonton (28)
  • One bedroom: $1,031 (-1.3 per cent year-over-year)
  • Two bedrooms: $1,282 (+0.1 per cent year-over-year)
• Grande Prairie (29)
  • One bedroom: $984 (-2.7 per cent year-over-year)
  • Two bedrooms: $1,168 (-3.2 per cent year-over-year)
• Lethbridge (32)
  • One bedroom: $949 (year-over-year not available)
  • Two bedrooms: $1,104 (+8.8 per cent)
• Red Deer (34)
  • One bedroom: $911 (-5.6 per cent year-over-year)
  • Two bedrooms: $1,023 (-7.6 per cent year-over-year)