Through the roof
Residential rental rates on the rise in Alberta
By Rob Roach, ATB Economics 13 September 2023 1 min read
According to a new report from rentals.ca, the average asking rent across all property types* and sizes in Canada went up by 1.8% in August to reach a record high of $2,117 per month.
On a year-over-year basis, average rent was up by 9.6%.
The average rent for a one-bedroom property in August was $1,849 compared to $2,183 for a two-bedroom.
The highest average rents were found in Vancouver at $2,998 for a one-bedroom unit and $3,879 for two-bedroom.
Although on the rise, average asking rents in Alberta were lower than the national average.
Calgary was number 24 on the list of cities included in the report at $1,728 for a one-bedroom in August and $2,150 for a two-bedroom.
In Edmonton, the average rent for a one-bedroom unit was $1,279 and $1,578 for a two-bedroom, putting it in 30th spot on the list.
Although below the national average, the cost of renting in Calgary and Edmonton has gone up a lot in just one year.
In Calgary, the average asking rent for a one-bedroom was up by 21.6% compared to a year ago and by 17.4% for a two-bedroom. In Edmonton, it was +18.0% and +13.3%, respectively.
According to the report, “Despite rental apartment completions in Canada over the past 12 months reaching their highest level since the 1970s, rent growth has remained exceptionally strong. This can be attributed to the country’s record-high population growth and sharp deterioration in homeownership affordability.”
*The report also provides data for just apartments and condos (i.e. excluding townhouses and houses). The trends are similar across the two sets of data.
Answer to the previous trivia question: West Texas Intermediate grade oil is referred to as “sweet” because of its low sulfur content.
Today’s trivia question: Which Alberta city is home to the tallest building in western Canada with residential units?