Home rental prices have increased more than 10 per cent on average in Lethbridge over the last year. (Photo: Sparky2000 | Dreamstime.com)

By David Opinko

Lethbridge among most affordable Canadian cities for rent, but prices rising

Jun 6, 2024 | 3:27 PM

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 June 2024.

They say, nationally, the cost to rent a home has increased by 9.3 per cent over the last year to an average of $2,202.

Urbanation President Shaun Hildebrand says Canada’s rental market is entering the peak summer season with continued strength.

“Markets such as Vancouver and Toronto that had experienced some softening in rents in previous months are stabilizing near record highs, while many of the country’s mid- and small-sized cities are still posting double-digit rent increases,” says Hildebrand.

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Out of the 35 cities analyzed across the country, Lethbridge was again among the cheapest.

The average cost for a one-bedroom unit in the southern Alberta city in June was $1,293 per month, rising by 0.3 per cent from May and increasing by 11.2 per cent over the last year.

Two bedroom units rented for $1,495 on a monthly basis, going up by 0.3 per cent and 10.8 per cent respectively.

That means the city remains under the provincial average for rent, which was $1,597 per month for one bedroom (up 17 per cent annually) and $1,907 for two rooms (up 16 per cent).

The following Alberta communities are listed in descending order of price, with their national ranking out of 35 in brackets:

• Calgary (24)
  • One bedroom: $1,733 per month, up 6.2 per cent in one year
  • Two bedroom: $2,140 per month, up 6 per cent in one year
• Edmonton (30)
  • One bedroom: $1,367 per month, up 16.3 per cent in one year
  • Two bedroom: $1,690 per month, up 12.7 per cent in one year
• Fort McMurray (34)
  • One bedroom: $1,242 per month, up 13 per cent in one year
  • Two bedroom: $1,473 per month, up 9.5 per cent in one year

The most expensive city in the country for rent, once again, is Vancouver. A one bedroom unit there will set you back $2,671 per month, while you would have to pay an average of $3,628 monthly for two bedrooms.

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

READ MORE: Lethbridge News Now

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