A new report shows rental prices in Edmonton are increasing well above the national average.
Rentals.ca’s National Rent Report for August 2024 shows Prairie cities like Edmonton, Saskatoon and Regina saw some of the largest increases in asking rent prices over the past year.
In Edmonton, a one-bedroom apartment is listed 16 per cent higher year-over-year, going for an average of $1,389.
For a two-bedroom apartment, that figure is 12 per cent more, going on average for $1,716.
“It seems to be wherever rent is more affordable, that’s where it’s increasing the most,” said Giacomo Ladas with Rentals.ca.
Over the same timeframe, the report shows the average national increase was 5.9 per cent. Rentals.ca says that’s the lowest rate in more than two years. Nationally, due to the high rents in places like Vancouver and Toronto, the average rent price is $2,200.
Experts say supply is why Edmonton rates are up.
“Canadians who are moving to Alberta, a lot of them are doing it in search of more affordable rent,” Ladas said.
“When that happens, demand goes up and supply can’t keep up. Then you see prices go up.”
“If supply were increasing to meet demand, then we wouldn’t be talking about rising rent,” said Concordia University economist Moshe Lander.
Canada’s Mortgage and Housing Corporation (CMHC) says last year’s apartment vacancy rate in Edmonton was 2.4 per cent.
The CMHC expects similar numbers this year, keeping prices high.