(Dreamstime)

By David Opinko

Report: Home rentals in Lethbridge becoming more expensive

Apr 22, 2022 | 11:36 AM

LETHBRIDGE, AB – Rent has gone up over the last year for Canadians in almost every area of the country.

The latest National Rent Report from Rentals.ca and Bullpen Research & Consulting for the month of March 2022 has been released.

Of the 35 communities that were analyzed, Lethbridge was the fifth most affordable.

A typical one-bedroom unit in the city rented for an average of $1,013 per month, an increase of 6.97% from the same time last year.

Homes with two bedrooms went up in price by 3.93% in that time to $1,138.

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Among all types of residential rental properties, the provincial average was $1,200 per month, up 4.3% annually.

Prices per month for five Albertan cities were listed. The number in brackets represents in national ranking in terms of cost out of 35 in descending order:

• Calgary (24)
  • One bedroom: $1,361 – up 10.2% y/y
  • Two bedrooms: $1,619 – up 9.32% y/y
• Edmonton (30)
  • One bedroom: $1,017 – up 0.3% y/y
  • Two bedrooms: $1,260 – up 2.02% y/y
• Lethbridge (31)
  • One bedroom: $1,013 – up 6.97% y/y
  • Two bedrooms: $1,138 – up 3.93% y/y
• Red Deer (34)
  • One bedroom: $943 – down 2.58% y/y
  • Two bedrooms: $1,083 – up 1.03% y/y
• Lloydminster (35)
  • One bedroom: $744 – down 4.98% y/y
  • Two bedrooms: $853 – down 5.33% y/y

Ben Myers, President of Bullpen Research & Consulting, noted the following trend for rental properties nationally.

“On an annual basis, tenants are looking at rent that is over $100 more on average in March, compared to a year earlier, when the rental market was close to its lowest point during the pandemic. However, the pace of growth has cooled, with relatively flat rents over the last four months. Higher interest rates and a cooling ownership housing market could push more demand into the rental market this spring.”

Vancouver was once again the most expensive city in the country to rent a home. As of March 2022, it costs an average of $2,280 per month for a one-bedroom unit while units with two bedrooms were listed for $3,122.

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