Edmonton's average rent on the rise
October 27, 2014
Due to Edmonton’s expanding population, declining vacancy rate and increased demand for rental units the average cost of rent has increased. According to the Canadian Mortgage and Housing Corporation’s (CMHC) Alberta Highlights Rental Market Report fixed-sample rents for all apartment units rose 6.4 per cent since April 2013. Edmonton experienced the highest sample-rent increase in the country.
The fall Edmonton Rental Market Report showed that the average rent for a two-bedroom apartment, including both new and existing apartment buildings, was $1,141 in the Edmonton census metropolitan area (CMA). In more sought-after areas near the University of Alberta or downtown rent averaged at $1,265 and $1,252 per month. Both of these areas have had a steadily declining vacancy rate. Lower-rent and a higher vacancy rates can be found in Edmonton’s north central areas.
There has been a steady increase in rent over since 2004. The greatest increase occurred between 2009 and 2013, a result of elevated job creation and migration of Canadians from other cities to Edmonton. Construction of rental purpose-built buildings more than doubled from 892 units in 2012 to 2,010 units the following year to offset the increasing rental demand. As of April 2014 there were over 4,100 rental units under construction, according to the Alberta Highlights report
The highest rents in the country are in Vancouver averaging $1, 274 for a two-bedroom apartment. Close behind was Calgary at $1, 267 and Toronto at $1, 241. The county of Wood Buffalo has always had incredibly high rental rates, due to the boom of Alberta’s oil sands production near Fort McMurray and the overall higher cost of living in Canada’s northern regions. Although sample-rents declined by 4.9 percent due to rising vacancies this year, the average rent in this region remains a staggering $2,061.
The lowest rent in the country can be found in the Quebec cities of Sanguenay at $562, Trois-Rivieres at $571 and Sherbrooke at $594.
The report showed the average Canadian rental rate to be $930.
About Amy Hancock
Amy is a freelance writer and communications professional. Her insights and extensive familiarity with Edmonton make her a great guide for getting to know local communities.