With rental prices having risen nearly 20 per cent since last summer, finding affordable housing has become a challenge for many Lethbridge residents.
According to a report by Rentals.ca and Urbanation, the price of a rental unit in Lethbridge has skyrocketed 19.7 per cent in the past year, making the southern Alberta city the fifth-fastest-rising community in Canada.
This comes as students look to return to Lethbridge over the next few weeks ahead of the new academic year.
Laura Correal, associate director with the University of Lethbridge Housing Services, says the off-campus markets have created a significant demand for dorm rooms.
“A lot of our students are coming to campus, looking for a place to live and, as of right now, we’re full. We have a waitlist that’s probably not going to budge by the time the fall starts.”
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However, she says students are simply unable to find any other place to live even when they look off-campus.
“A lot of students are thinking they can look here first, then off campus in terms of rates, but it’s not working to their benefit. So, then they’re coming back and backtracking, saying there’s nothing out there for me. So, we tell them they can go on the waitlist with the reality being we’re probably not going to get them in.”
Meanwhile, Robin James with the Lethbridge Housing Authority says the rising costs are affecting landlords just as much as tenants.
“As costs increase, so does rent. So, we do see it happening. A lot of landlords are doing their best to manage their own finances. They have mortgages and they pay taxes as well. So, we know that those things are going to be passed along.”
Alberta has seen an increase between 12.8 and 23.1 per cent in rental asking prices compared to last year, depending on the unit size.