Home rental prices in Lethbridge rose by around 10 per cent over the last year. (Photo: Sparky2000 | Dreamstime.com)

By David Opinko

Rent rises around 10 per cent in one year in Lethbridge

May 10, 2024 | 9:23 AM

LETHBRIDGE, AB – A new report shows that more traditionally affordable cities like Lethbridge are quickly becoming more expensive.

Rentals.ca and Urbanation have released the National Rent Report for May 2024.

They say, nationally, the cost to rent a home has increased by nine per cent over the last year.

Urbanation President Shaun Hildebrand says, “The rental market in Canada has become increasingly fragmented, with expensive cities seeing rents soften and affordable markets experiencing a continued rapid escalation.”

“Without a sufficient supply response, those affordable markets are at risk of quickly becoming unaffordable, leaving renters nowhere to turn,” he added.

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In Lethbridge, for example, rental prices have risen far faster than the general rate of inflation.

The cost to rent a one bedroom unit in the city was $1,289 per month, increasing by 9.4 per cent year-over-year. Two bedroom homes jumped from 11.7 per cent to $1,490.

Lethbridge, however, was still among the cheapest communities of the 35 that were analyzed in the report.

The average price for rent for all sizes of apartments and condos in Alberta was $1,746 monthly, rising by 16 per cent over the last year. That is the fastest increase among all Canadian provinces.

Rental prices for the three Alberta cities that were included are listed below, with the number in brackets representing its place on the national list.

• Calgary (25)
  • One bedroom: $1,736 per month, up eight per cent in one year
  • Two bedrooms: $2,133 per month, up 6.1 per cent in one year
• Edmonton (31)
  • One bedroom: $1,353 per month, up 16.4 per cent in one year
  • Two bedrooms: $1,665 per month, up 11.8 per cent in one year
• Lethbridge (33)
  • One bedroom: $1,289 per month, up 9.4 per cent in one year
  • Two bedrooms: $1,490 per month, up 11.7 per cent in one year

The report states that Edmonton was the “leader for rent growth” among Canada’s largest cities, increasing by an average of 13.3 per cent among all housing types.

It should not come as a surprise that Vancouver was the most expensive city in the country when it comes to rent. A one bedroom unit there will set you back $2,646 per month while two bedroom homes can be rented for $3,605 monthly.

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

READ MORE: Lethbridge single-family home prices rise, other housing types fall

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