Edmonton has seen its rent prices balloon in 2024 and has joined an exclusive club: landing in the top three Canadian cities with the largest annual one-bedroom rent rates.
A new report from Zumper found that the cost of renting a one-bedroom property in the city rose by 0.8% to land at $1,340; however, its year-over-year increase was the third largest in all of Canada, rising a whopping 18.6%.
Only Kelowna and Winnipeg surpassed Edmonton in that rent race, rising 19.4% and 23.3%, respectively.
The price of a two-bedroom property declined by 0.6% over last month and rose by 16.3% year-over-year, landing at $1,640.
Zumper
For our neighbours to the south, Calgary is doing a bit of a happy dance falling out of the top 10 of the most expensive cities to rent on the list by Zumper, with the one-bedroom rent rate not rising since month, currently sitting at $1,840. A two-bedroom property in YYC runs renters on average $2,260, a 2.7% month-over-month price jump.
At the top, Vancouver’s one-bedroom rent was down annually for the 3rd consecutive month, and the city’s two-bedroom rent rate was also in the negatives.
Zumper added in the report that apartment construction starts in Vancouver, Toronto, Calgary, and Ottawa reached record levels in 2023, and Vancouver specifically saw housing start to increase the most, jumping 28% from 2022.
“It seems a significant portion of that inventory is becoming available now, as we are over halfway through 2024, and that is putting downward pressure on Vancouver rents,” it stated.
Meanwhile, Winnipeg remained the city with the fastest-growing rent, with the price of one-bedrooms jumping over 23% since this time last year.