If you are looking to rent an apartment or condo in Alberta, things are looking up in that the average asking rent has been coming down.

According to the latest data from Rentals.ca, the average asking rent for apartments and condominiums in Alberta was $1,691 in October, a decrease of 5.3% from 12 months earlier and the eighth consecutive year-over-year (y/y) drop. This is a major shift from 2024, when the province was posting double-digit percentage increases.  

Average asking rent for apartments and condominiums also declined nationally, but by a more modest -1.3%. British Columbia posted the largest decrease at -5.8% with rent rising in both Manitoba and Saskatchewan by 1.8%.

In absolute terms, asking rent in Alberta in October was $403 lower than the national average of $2,094. The highest was in British Columbia at $2,401 ($710 higher than in Alberta). The lowest was in Saskatchewan at $1,383 ($308 lower than in Alberta).

Of the eight Alberta communities included in the Rentals.ca survey, five posted y/y declines in October with Calgary having the highest rent at $1,851 and the second-largest drop at -6.8%.  

Among the factors explaining the decline in average asking rent in Alberta are newly-constructed purpose-built rentals adding to the supply and the net outflow of non-permanent residents subtracting from the demand.  

Rent inflation in Alberta as measured by the y/y change in the rent component of the Consumer Price Index (CPI) peaked in April 2024 at 16.2% year-over-year growth, but has since fallen to 3.6% as of October 2025.

Why is the price of rent still rising according to the CPI when asking rents have fallen? Notwithstanding other methodological factors, the difference can be attributed to the fact that it takes time for asking rents to flow through to what people are actually paying (which is what the CPI measures). In this case, because many renters are paying based on leases signed when asking rents were higher, the inflation rate is not down as much as asking rent.

As more units are rented at lower prices, we expect to see the inflation rate for rent continue to fall in the months ahead.

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