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By Erika Rolling

Economy

Grande Prairie with second lowest rent in country, but rising

Apr 14, 2023 | 9:42 AM

The latest National Rent Report is showing rent for all property types in Canada rose by 10.8 per cent annually in March.

The average rent as of last month nationwide was $2,004. Over the past year, rents have gone up on average $196.

Month-over-month average rents were up 1 per cent; the first increase monthly since November 2022. This increase pushed year-over-year percentage growth into the double digits.

In Grande Prairie, average monthly rent in March for a one bedroom was up 14.1 per cent and up 9.1 per cent for a two bedroom compared to the same time a year prior.

Right now, Grande Prairie is the second cheapest city for rent in all of Canada, with average monthly rent for a one bedroom at $1,015, and $1,193 for a two bedroom.

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Private room and shared accommodations for rentals have gained popularity with rental prices soaring since 2022. According to the report, average asking rent for a single room rental in the country was $834 in March.

In Alberta, the annual increase in March was 13.4 per cent to $1,461 for condo and apartment rentals.