A new report shows Lethbridge is one of the most affordable cities in Canada for rent. (Photo: Sparky2000 | Dreamstime.com)

By David Opinko

Lethbridge ranked third most affordable city in Canada for rent

Apr 12, 2024 | 12:50 PM

LETHBRIDGE, AB – While Lethbridge remains one of the country’s most affordable cities to rent an apartment or condo, prices are on the rise.

In the April 2024 National Rent Report from Rentals.ca and Urbanation, they say the average monthly cost to rent a one bedroom apartment in the city was $1,282. That is up by 5.9 per cent from the same time last year.

Units with two bedrooms rented for $1,486 per month, an increase of 7.9 per cent compared to 2023.

While the national cost of rent was much higher at $1,851 for one bedroom and $2,279 for two bedrooms, the rate at which those prices jumped was smaller. The Canadian averages were 3.7 per cent for each apartment size.

However, Lethbridge still remained the third cheapest community in which to rent out of the 35 that were analyzed for this report.

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Alberta was the third most affordable province, behind only Saskatchewan and Manitoba. The average rent here was $1,728 per month for all apartment types, rising by 23 per cent in just one year.

The four cities in Alberta are listed below in descending order of price. Their ranking on the national list is shown in brackets:

• Calgary (23)
  • One bedroom: $1,707 per month, up 8.5% in one year
  • Two bedrooms: $2,101 per month, up 8.8% in one year
• Airdrie (27)
  • One bedroom: $1,556 per month, up 12.2% in one year
  • Two bedrooms: $2,042 per month, up 12.6% in one year
• Edmonton (31)
  • One bedroom: $1,339 per month, up 18.5% in one year
  • Two bedrooms: $1,654 per month, up 14.4% in one year
• Lethbridge (33)
  • One bedroom: $1,282 per month, up 5.9% in one year
  • Two bedrooms: $1,486 per month, up 7.9% in one year

North Vancouver was the most expensive city in Canada for renting. A one bedroom apartment will set you back $2,704 per month while two bedroom units rent for $3,662 monthly.

On the opposite end of the price scale, Saskatoon was the most affordable with rents going for $1,197 and $1,428 respectively.

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

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