(Dreamstime)

By Justin Goulet

Lethbridge’s average rental rate dropped slightly in May

Jun 16, 2021 | 9:27 AM

LETHBRIDGE, AB – Lethbridge saw a slight dip in the average rent price last month.

The latest National Rent Report from Rentals.ca and Bullpen Research & Consulting is out. Lethbridge’s average apartment and condominium rental rate in May was $1,010, a small drop of 0.3 per cent month-over-month.

A breakdown of one-bedroom and two-bedroom units was not made available for Lethbridge.

Nationally, the average asking rent for all Canadian properties in May went up by two per cent month-over-month to $1,708. That’s the first increase following six straight months of declines, according to the report.

The report stated that with the potential reopening of the border near, immigration, international students and tourism, and rental rates are expected to continue to rise.

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Year-over-year, average monthly rent for all Canadian properties is down 5.8 per cent. Since hitting a high of $1,954 in August 2019, the average rental rate has declined $246 per month. The May numbers are still lower than April’s, which saw rents fall nine per cent year-over-year and showed a decrease for average monthly rent of $279.

Calgary was Alberta’s priciest city to rent in, out of the 35 cities listed on the report. Calgary came in at 27^th, with one-bedroom units going for $1,216 on average, a jump of 2.1 per cent month-over-month and 6.9 per cent year-over-year.

Two-bedroom units in Calgary rented for $1,530 on average, up 3.2 per cent month-over-month and 12.7 per cent year-over-year. Fort McMurray followed Calgary for Albertan municipalities, at 29^th on the list.

One-bedroom units in Fort McMurray were listed at $1,062 per month on average (a decrease of 0.5 per cent month-over-month and increase of 6.3 per cent year-over-year). Two-bedrooms went for $1,253 on average, a decrease of 0.8 per cent month-over-month and increase of 4.4 per cent year-over-year).

Edmonton placed 30^th on the list. One-bedroom units rented for $992 on average per month, a decrease of 0.7 per cent month-over-month and a drop of 0.9 per cent year-over-year.

For two-bedrooms in Edmonton, the average rental price was $1,215 per month. That was a drop of 1.9 per cent month-over-month and a slight increase of 0.1 per cent year-over-year.

The last Albertan city ranked in the top 35 was Red Deer, at the final 35 spot. One-bedroom units in Red Deer rented on average for $881 per month, a drop of 8.7 per cent month-over-month and a decrease of 1.3 per cent year-over-year. Two-bedroom units rented for $1,052 per month on average, a decrease of 1.9 per cent month-over-month and an increase of 13 per cent year-over-year.

Alberta as a whole saw its average monthly rent decline by 1.8 per cent from April to $1,201 per month in May.

Vancouver was listed as the most expensive city to rent in across Canada, with one-bedroom units renting for $1,981 per month on average (an increase of 2.4 per cent month-over-month and decrease of 2.2 per cent (year-over-year).

Two-bedroom units in the city rented for a whopping $2,760 per month on average. That’s a jump of seven per cent month-over-month and an increase of 8.2 per cent year-over-year.

The full National Rent Report can be viewed here.