(Photo: (c) Sparky2000/Dreamstime.com)

By Justin Goulet

Rental prices in Lethbridge up year over year last month

Mar 16, 2022 | 11:10 AM

LETHBRIDGE, AB – Rental prices in Lethbridge went up last month.

That’s according to the latest National Rent Report from Rentals.ca and Bullpen Research & Consulting. In February, the average monthly rent in Lethbridge for a one-bedroom unit was $1,000, while for a two-bedroom unit, it was $1,155.

Year over year, the average monthly rent in February for a one-bedroom in the city was up 5.4 per cent and up seven per cent for a two-bedroom unit.

Average rental prices in Alberta decreased year over year to $1,224 from $1,240 in February 2021.

Nationally, the report found that the average rent for all Canadian properties listed on Rentals.ca in February was $1,820, an increase of 6.2 per cent annually.

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President of Bullpen Research & Consulting Ben Myers said, “the rental market overall in Canada continues to trend upward in the post-vaccine pandemic period, with continued strength in the market for larger suites.”

“Growth in average rents for one-bedroom units lags other bedroom types, with two-, three- and four-bedroom units exceeding February 2020 pre-COVID-19 rent levels last month.”

Six communities in Alberta were featured in the 35-city list from Rentals.ca and Bullpen Research & Consulting. Below is how they fared last month:

• Calgary (26)
  • One-bedroom unit average in February: $1,267
    • Up 1.85 per cent month over month, up 2.92 per cent year over year
  • Two-bedroom unit average in February: $1,514
    • Down 0.72 per cent month over month, up 0.60 per cent year over year
• ·Edmonton (29)
  • One-bedroom unit average in February: $1,038
    • Up 1.86 per cent month over month, down 0.57 per cent year over year
  • Two-bedroom unit average in February: $1,257
    • Up 0.48 per cent month over month, down 1.26 per cent year over year
• Lethbridge (30)
  • One-bedroom unit average in February: $1,000
    • Down 0.30 per cent month over month, up 5.37 per cent year over year
  • Two-bedroom unit average in February: $1,155
    • Up 1.14 per cent month over month, up 7.04 per cent year over year
• Red Deer (33)
  • One-bedroom unit average in February: $945
    • Down 3.08 per cent month over month, up 2.16 per cent year over year
  • Two-bedroom unit average in February: $1,050
    • Down 1.32 per cent month over month, up 5.53 per cent year over year
• Grande Prairie (34)
  • One-bedroom unit average in February: $883
    • Down 1.67 per cent month over month, up 1.03 per cent year over year
  • Two-bedroom unit average in February: $1,084
    • Down 1.19 per cent month over month, down 1.45 per cent year over year
• Lloydminster (35)
  • One-bedroom unit average in February: $739
    • Down 0.14 per cent month over month, down 6.57 per cent year over year
  • Two-bedroom unit average in February: $851
    • Down 0.35 per cent month over month, down 7.10 per cent year over year

Vancouver, British Columbia topped the list as the most expensive place to rent in Canada. One-bedroom units rented for an average of $2,239 last month, with two-bedroom units renting for an average of $3,050. The full National Rental Report is available at Rentals.ca.