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By Erika Rolling

Economic Report

Annual rent increases over 9 per cent in Grande Prairie

Sep 15, 2023 | 12:50 PM

The latest National Rent Report says Grande Prairie had one of the fastest growth in mid-sized market rent in Alberta last month.

According to the report put together by Rentals.ca and Urbanation, Grande Prairie and Lethbridge were tied at 9.3 per cent for the fastest growth in rent rates year-over-year.

The average asking rent in the Swan City is $1,169.

Over the last three-month period between May and August, asking rents in the country have risen by 5.1 per cent, or by an average of $103 per month.

Alberta was the provincial leader in August for annual rent growth for purpose-built and condominium apartments, with average asking rent up 15.6 per cent to $1,634. Rents also grew the fastest month-to-month, coming in at 3.5 per cent last month.

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Canada-wide, asking rent has reached a new record high of $2,117 in August, with a monthly increase of 1.8 per cent and an annual growth rate of 9.6 per cent.

Grande Prairie was not included in any other specifications in the rent report for August, as it did not make the cut for the top 35 Canadian cities.