Rent in Alberta continues to climb, though it’s nowhere near the highest in Canada

A new report suggests rental prices in Alberta are continuing to climb higher despite prices in other areas of Canada beginning to stabilize.

According to the June 2024 rent report from Urbanation and Rentals.ca, average asking rents for all residential property types in Canada hit an all-time high of $2,202 in May, surpassing the $2,200 level for the first time.

The report says rents in Alberta, Saskatchewan and Nova Scotia continued to drive the majority of annual rent inflation for apartments in Canada.

In Alberta, the average listed rent price jumped 17.5 per cent year-over-year to sit at $1,787 in May 2024.

“All three provinces saw rents rise by at least two per cent on a month-over-month basis,” the report added.

In both Alberta and Saskatchewan, three-bedroom apartment rents grew fastest over the past year, rising 21.3 per cent in Alberta to an average of $2,138.

Average roommate rents remained highest in B.C. and Ontario, with Alberta experiencing the largest increase in rents over the past year for shared accommodations, up 9.6 per cent to $883.

“Alberta seems to be leading almost all other regions with the fastest growing rent increases,” said Rentals.ca communications manager Giacomo Ladas.

“It makes sense because the overall rents in Alberta are much less than other provinces, making it desirable for interprovincial migration.”

Rent rankings

Calgary placed 24th on the report’s national rent rankings for June 2024, which lists average rental prices for 35 cities across the nation.

According to the list, Calgary’s average rental for one-bedroom rental was $1,733 a month, up 6.2 per cent year over year, and a two-bedroom rental sat at $2,140, up six per cent year over year.

Edmonton was in 30th place, with the average for a one-bedroom rental at $1,367, up 16.3 per cent year over year, and a two-bedroom rental at $1,690, a 12.7 increase year over year.

Fort McMurray ranked 34th, with the average rental for a one-bedroom sitting at $1,242, up 16.3 per cent year over year, and a two-bedroom rental for $1,473, up 12.7 per cent year over year.

In Lethbridge, which wasn’t included on the list, the average rent for a one bedroom was $1,293, up 11.2 per cent year over year, and $1,495 for a two bedroom, up 10.8 per cent year over year.

Some cities ranking highest on the list, like Vancouver and Toronto, saw average rent prices decrease year over year.

Vancouver, which was first on the list, had an average rental price for a one bedroom listed at $2,671, down 5.6 per cent, while Toronto, which placed third, saw rent for a one bedroom decline 2.3 per cent to sit at $2,479.

Urbanation and Rentals.ca says the data covers both primary and secondary rental markets, and includes basement apartments, rental apartments, condominium apartments, townhouses, semi-detached houses and single-detached houses.