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By Shane Clausing

Slight Uptick

Grande Prairie rental rates slightly up in October

Nov 17, 2020 | 6:00 PM

Rental rates in Grande Prairie were very slightly up month-over-month in october, according to rentals.ca.

The average rental rate for a one-bedroom apartment went for $984, up from $980 in September. Meanwhile, a two-bedroom apartment was up to $1,168 per month from $1,153.

This is still down when compared to October 2019, when a one-bedroom went for $1,048 and a two-bedroom was $1,251..

With the rental rates slightly up for this month, Paul Danison with Rentals.ca says that he thinks that the drop in unemployment seen by the Peace Region last month is one of the main factors as to why the price is up.

“The unemployment rate dropped in October to 10.8 per cent, so there are a few more people back to work. Of course, you compare that to the October 2019 unemployment rate at 5.8 per cent, we still have quite a ways to go, but I think that had a little bit to do with it.”

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Danison couldn’t provide any of the provincial figures for last month, however, from the data from other cities in the province, he’s found that rent is moving up in most places.

“Lethbridge has inched a little bit, Calgary was up just a tick, Edmonton stayed flat. As unemployment rates were starting to go down a little bit, people are getting out working again.”

The average rental rate across Canada so far this year is down 8.1 per cent from 2019, but in some smaller cities across the country, rent has gone up.

While there is a little optimism that the rental market might turn the corner, Danison says that with Alberta in a second wave of COVID-19 and more shutdowns potentially coming, prices could begin to fall again.

Danison says that since COVID-19 started, new tenants have wanted to be near grocery stores and parks, as well as live in quiet neighbourhoods.