Rent rises over 11% in one year in Lethbridge

Statistics Canada reports that the annual rate of inflation for April 2022 was 6.8%.

A total of 35 communities across the city were analyzed for the National Rent Report, which includes five cities in Alberta. The following numbers in brackets represent each city’s place on the national ranking out of 35:

Calgary (24)
- One bedroom: $1,387 – up 13.8% y/y
- Two bedrooms: $1,693 – up 13.85% y/y
Lethbridge (30)
- One bedroom: $1,079 – up 13.94% y/y
- Two bedrooms: $1,199 – up 11.53% y/y
Edmonton (31)
- One bedroom: $1,050 – up 3.75% y/y
- Two bedrooms: $1,308 – up 3.73% y/y
Fort McMurray (32)
- One bedroom: $1,006 – down 5.63% y/y
- Two bedrooms: $1,238 – down 1.98% y/y
Red Deer (34)
- One bedroom: $953 – down 1.24% y/y
- Two bedrooms: $1,169 – up 0.09% y/y

Ben Myers, President of Bullpen Research and Consulting, says many areas across the country are seeing substantial surges in home rental prices.

“Average rental rates for single-family homes, townhouses, and condominium apartments have experienced strong month-over-month growth as demand increases for higher-end properties… A return to the office, high gas prices, and rising interest rates are all fueling demand for centrally located rental offerings.”

Vancouver remains the most expensive city in the country in which to rent a home. In April, a one-bedroom unit listed for an average of $2,334 per month, rising 18.12% year-over-year, while homes with two bedrooms rented for $3,324 per month, rising 23.71% year-over-year.

by David Opinko

Rent rises over 11% in one year in Lethbridge

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