For those looking to rent in Saskatchewan, you might be better off looking for a place in Saskatoon rather than the provincial capital.
According to the Zumper Canadian Rent Report, the median rental price of a one-bedroom rental is $1,150 in Regina. Month over month, rent is up 4.5 per cent, and year over year it is up 16.2 per cent.
For a two-bedroom rental in Regina, the median rental price is $1,350. While there is no month-over-month increase, year over year is up 18.4 per cent according to the report.
For Tirth Makvana, a student at the University of Regina, he is feeling the rising rent costs living in a two-bedroom rental, even with a roommate.
He moved into the space in 2021 and paid $950 per month in rent. Now, his bill is up to $1,280. Makvana said his lease is up in November, and he will likely move because of the prices.
“Rent prices are too high so I’m looking for any studio apartment that is cheaper,” he said. “But it’s hard to find that right now because the studio apartments usually vary between a thousand to 1100 dollars.”
In Saskatoon, however, rent prices haven’t take the same jump.
A single-bedroom rental will cost $1,080, according to the report, a month-over-month decrease of 1.8 per cent. It is up year over year, however, by eight per cent. For a two-bedroom rental, the median price is $1,240 — a month-over-month drop of 3.1 per cent, but a year-over-year increase of 6.9 per cent.
Cameron Choquette, CEO of the Saskatchewan Landlord Association, said prices of homes are up largely due to the cost of living and increased demand for rental units in the province.
“Everything from doorknobs to windows to the price of natural gas and power has all increased, so that kind of makes a perfect storm,” Choquette said.
Choquette said there are also simply not enough units for the people looking to rent.
“With immigration numbers continuing to increase and the costs of owning a home increasing, it is having a significant upward trend on rental demand,” he explained.
“There are more people looking for fewer rental units in Saskatchewan, which has caused rents to increase in response to that supply and demand.”
Despite the increase in year-over-year prices, Regina and Saskatoon remain among the most affordable places in the country, with Toronto and Vancouver being the most expensive.