Apartment for rent sign. (Photo: Sparky2000 | Dreamstime.com)

By David Opinko

Rent rises 12% in one year in Lethbridge

Jul 15, 2022 | 10:03 AM

LETHBRIDGE, AB – Life has become increasingly expensive for Canadians recently, and those renting their homes in Lethbridge are certainly feeling the pinch.

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

The average monthly cost to rent a one-bedroom unit in Lethbridge was $1,054, marking an increase of 12.61% from the same time last year.

Homes with two bedrooms rented for $1,173 per month, rising 12.68% year-over-year.

The cost of rent increased at a far faster pace than inflation. Stats Canada says the cost of living in May 2022 went up by 7.7% over the last year, the largest annual increase since January 1983.

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President of Bullpen Research & Consulting Ben Myers says large rent hikes are being seen across much of the country, particularly in larger cities.

“Despite data showing the share of employers returning to the office has stalled after a year of steady increases, average rents in Canada’s largest cities are still surging, with condominium and rental apartments seeing rents jump 26% annually in Calgary, 25% annually in Vancouver, and 20% annually in Toronto,” says Myers.

Between all property types, the average monthly rent in Alberta was $1,302.

As part of the National Rent Report, 35 Canadian communities were analyzed, four of which are in Alberta. The numbers below in brackets represent where each Albertan community ranks on the national list of 35 in terms of cost.

• Calgary (22)
  • One bedroom: $1,562 – up 25.76% y/y
  • Two bedrooms: $1,925 – up 24.76% y/y
• Lethbridge (32)
  • One bedroom: $1,054 – up 12.61% y/y
  • Two bedrooms: $1,173 – up 12.68% y/y
• Red Deer (33)
  • One bedroom: $1,052 – up 12.75% y/y
  • Two bedrooms: $1,183 – up 10.05% y/y
• Edmonton (34)
  • One bedroom: $1,032 – up 1.18% y/y
  • Two bedrooms: $1,293 – up 4.78% y/y

Vancouver was once again the most expensive city in Canada to rent. Units with one bedroom list for an average of $2,412 per month, up 19.17% from the same time last year. Two-bedroom units go for $3,597 per month, an increase of 26.48%.

If you are looking for somewhere a little cheaper to live in, try Saskatoon. Coming in at the bottom of the ranking, one-bedroom units can be rented for $973 per month while you can get a two-bedroom home for $1,143.