(Lethbridge News Now)

By David Opinko

Home rental prices jump up in Lethbridge year-over-year

Jan 18, 2022 | 1:47 PM

LETHBRIDGE, AB – It is getting more and more expensive to rent a home in Lethbridge.

The latest National Rent Report from Rentals.ca and Bullpen Research and Consulting shows that this is something Canadians in most parts of the country are experiencing.

“Average rental rates moderated in December after rents surged following the April market bottom, where rents had fallen by over 9 per cent annually,” says Ben Myers, President of Bullpen Research and Consulting. “It is too early to tell if Omicron will have a prolonged deflationary impact on the rental market, but Bullpen Research & Consulting and Rentals.ca still believe there will be significant upward growth in rents in 2022 in Canada’s major markets.”

In December 2021, a typical one-bedroom unit in Lethbridge rented for $994 per month, an increase of 4.63 per cent from the same period last year.

Homes with two bedrooms in the city listed for $1,180, marking a 6.69 per cent rise year-over-year.

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The provincial average rent for all property types in Alberta was $1,233 each month.

Of the five Albertans communities analyzed, rentals in Lethbridge were the second cheapest.

The list below shows home rental prices in Alberta. The numbers in brackets show that community’s place on the national ranking out of 35.

• Calgary (26)
  • One bedroom: $1,221 – up 2.35% y/y
  • Two bedrooms: $1,516 – up 2.71% y/y
• Fort McMurray (28)
  • One bedroom: $1,098 – up 7.96% y/y
  • Two bedrooms: $1,303 – up 6.02% y/y
• Edmonton (30)
  • One bedroom: $1,026 – up 2.29% y/y
  • Two bedrooms: $1,258 – down 1.64% y/y
• Lethbridge (31)
  • One bedroom: $994 – up 4.63% y/y
  • Two bedrooms: $1,180 – up 6.69% y/y
• Lloydminster (35)
  • One bedroom: $751 – up 1.21% y/y
  • Two bedrooms: $855 – down 6.46% y/y

To the surprise of nobody, Vancouver remains the most expensive place in Canada to rent. A one-bedroom home there rents for $2,176 while those looking for rent two bedrooms will have to fork over $2,983.