By Liam Verster

Rental Market

Grande Prairie rental rates continue drop in September

Oct 15, 2020 | 1:37 PM

September saw the rental rates for both one- and two-bedroom units drop again, this time each going down by an average of $28 per month.

Paul Danison, Content Director for Rentals.ca, says they gather data based on the going rates of available units. He says an average one bedroom is listed for $980 a month, while two bedroom units are listed for an average of $1,153.

“Month-over-month they’re down, one bedroom is 2.8 per cent down, two bedroom 2.4 per cent down. Year-over-year, one bedroom is 6.5 per cent down, and two bedrooms 7.8 per cent down.”

Of the 35 cities included in the Rental Report by Rentals.ca, the new data puts Grande Prairie as 28th for average one bedroom rent, while taking 29th for average monthly rent for a two-bedroom unit.

Danison says the main thing keeping the rental rates down is the unemployment rate. He says in Lethbridge, where the unemployment rate is only 8.6 per cent, the rental rates have started to climb again.

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Along with the unemployment rate, there are a few other factors that Danison points to as keeping the rates down.

“You don’t have your seasonal workers, you don’t have your international students, you don’t have the immigration, and you have a little bit more supply out there. So, demand is just not what it used to be.”

He adds that the Canadian Mortgage and Housing Corporation’s figures from January 2020 shows the vacancy rate in Grande Prairie to be 5.1 per cent. Though they won’t release new figures until next January, Danison says he’s fairly certain that number is much higher now.

Meanwhile, the data from Rentals.ca shows that the average national rates for all rental properties, including condominiums, houses and apartments, stayed flat in September at $1,769. However, that is still down 9.5 per cent compared to figures recorded in September 2019.

Alberta is also down on a year-over-year basis, but just three per cent. The average monthly rent for all available properties in September was recorded at $1,240 in the province.

Danison says as people get back to work and start moving, rates will start to climb again in the Swan City rental market.