Home rental prices rise approximately 10% in one year in Lethbridge

President of Bullpen Research and Consulting Ben Myers says similar increases are being seen in many areas across the country.

“The 2.6 per cent monthly increase in average rents in Canada is the second highest monthly jump in three years, topped only by the 3.8 per cent rise in May 2022,” says Myers. “Rents were boosted by rent growth of 20 per cent and higher in several major municipalities in Canada, and double-digit growth in a number of the most affordable rental markets, such as Red Deer and Saskatoon.”

The average cost of rent for all property types nationally in July was $1,934 per month, up 10.4% year-over-year (y/y). Alberta remains relatively affordable with an average rental price of $1,328 per month for all property types.

Five cities in Alberta were analyzed as part of the National Rent Report. They are listed in descending order of price with each city’s place on the national price ranking out of 35 in brackets:

Calgary (21)
- One bedroom: $1,583 – up 27.1% y/y
- Two bedrooms: $1,953 – up 19.2% y/y
Red Deer (30)
- One bedroom: $1,102 – yearly change data not available
- Two bedrooms: $1,198 – up 13.8% y/y
Lethbridge (31)
- One bedroom: $1,089 – up 9.8% y/y
- Two bedrooms: $1,236 – up 12.5% y/y
Edmonton (32)
- One bedroom: $1,054 – up 2.6% y/y
- Two bedrooms: $1,333 – up 7.4% y/y
Lloydminster (35)
- One bedroom: $836 – up 16% y/y
- Two bedrooms: $977 – up 17.1%

Vancouver remains the most expensive city in the country in which to rent a home. Units with one bedroom rented for an average of $2,500 per month in July, up 14.4% y/y. Two-bedroom homes cost $3,630 per month, rising 19.4% y/y.

Stats Canada reports that the annual rate of inflation for July 2022 was 7.6%.

by David Opinko

Home rental prices rise approximately 10% in one year in Lethbridge

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