The cost of rent continues to increase across the country, according to a new report. (Photo: Feverpitched | Dreamstime.com)

By David Opinko

Rent rises over 15% in one year in Lethbridge: report

Jan 19, 2023 | 6:00 AM

LETHBRIDGE, AB – A new report is once again affirming that renters are having to put more of their paycheques towards housing.

Rentals.ca and Urbanation have released their National Rent Report for December 2022.

Across the country, they say the average monthly cost for rent exceeded $2,000 for the second consecutive month, rising by 10.9 per cent year-over-year.

Urbanation President Shaun Hildebrand says the Canadian rental market had one of its strongest years ever in 2022, more than reversing any weakness shown during the COVID-19 pandemic.

“Rental demand is primarily being driven by a quickly growing population that is finding it increasingly more difficult to afford homeownership or find suitable rental housing,” says Hildebrand.

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He also attributes the increase in rent to a combination of factors including a recovery from declines during the pandemic, record-high population growth, a large pullback in home buying, and low vacancy rates.

Renters in Lethbridge can expect to pay $1,167 per month for a one-bedroom unit. This marks an increase of 17.5 per cent compared to the same time in the previous year but a decline of 3.4 per cent from the month prior.

Homes with two bedrooms in the city list for an average of $1,386 per month, falling by 1.6 per cent on a monthly basis but increasing 15.2 per cent in just one year.

A total of 35 communities across the country were analyzed for the report, including six in Alberta.

The average price for rent in the province, among all property types, was $1,463.

A community breakdown of rent in Albertan communities, ranked by their place on the national list, is as follows:

• Calgary (25):
  • One bedroom: $1,497 per month, up 20.2 per cent year-over-year
  • Two bedrooms: $1,854 per month, up 17.8 per cent year-over-year
• Lethbridge (29):
  • One bedroom: $1,167 per month, up 17.5 per cent year-over-year
  • Two bedrooms: $1,386 per month, up 15.2 per cent year-over-year
• Edmonton (30):
  • One bedroom: $1,114 per month, up eight per cent year-over-year
  • Two bedrooms: $1,423 per month, up 11.2 per cent year-over-year
• Red Deer (33):
  • One bedroom: $1,015 per month, up 5.7 per cent year-over-year
  • Two bedrooms: $1,181 per month, up 7.3 per cent year-over-year
• Grande Prairie (34):
  • One bedroom: $1,007 per month, up 12.3 per cent year-over-year
  • Two bedrooms: $1,148 per month, up 3.3 per cent year-over-year
• Lloydminster (35):
  • One bedroom: $840 per month, up 11.8% year-over-year
  • Two bedrooms: $980 per month, up 14.7 per cent year-over year

Vancouver remains the most expensive city in the country in which to rent a home. A two-bedroom unit in the city rents for an average of $3,562 per month, an increase of 17.9 per cent from the same time the previous year.

Hildebrand says, “Looking ahead for 2023, rents are expected to continue rising, but less heated growth can be expected as the economy slows and new rental supply rises to multi-decade highs.”

The full National Rent Report can be read on Rentals.ca.

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