Rent report: Lethbridge still among most affordable Canadian cities for renters

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One-bedroom unit prices in Lethbridge were up 1.2 per cent month over month and 0.2 per cent year over year. Two-bedrooms were down 2.1 per cent month over month and remained even year over year.

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35 Canadian municipalities are included in the rent report. Below is the ranking of Alberta cities included in the report, from most expensive to least expensive:

• Calgary (23)
  • One-bedroom: $1,208
  • Two-bedrooms: $1,500
• Fort McMurray (27)
  • One-bedroom: $1,038
  • Two-bedrooms: $1,243
• Edmonton (28)
  • One-bedroom: $1,030
  • Two-bedrooms: $1,262
• Lethbridge (30)
  • One-bedroom: $949
  • Two-bedrooms: $1,079
• Red Deer (32)
  • One-bedroom: $925
  • Two-bedrooms: $995
• Grande Prairie (33)
  • One-bedroom: $874
  • Two-bedrooms: $1,100

Nationally, the average asking price for all properties listed on Rentals.ca last month was $1,714 per month. That’s down six per cent from $1,823 in February 2020.

According to the National Rent Report, since hitting a high of $1,954 in August 2019, the average monthly rental rate has steadily declined, now down $240 from the peak. However, month over month, the average rate was unchanged.

The average monthly rate has been down year over year in 12 of the last 13 months. Last month’s decline of six per cent is the lowest annual decrease experienced in the last nine months.

Vancouver is still the most expensive city for renters in Canada looking for one-bedroom units ($1,891 per month on average) and two-bedroom units ($2,568 per month on average).