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By Abby Zieverink

January Rent Report

Grande Prairie average rent down January year over year

Feb 18, 2022 | 12:15 PM

Rentals.ca says rental rates for one and two-bedroom homes in Grande Prairie were down on a year-over-year basis in January 2022.

According to the website, in Grande Prairie, year-over-year rates were down 7.5 per cent for a one-bedroom unit and down 2.3 per cent for a two-bedroom.

Average monthly rents were up slightly in January, with the Swan City landing 34th on a list of 35 Canadian cities with one-bedroom homes at $898 and 33rd for average monthly rent for a two-bedroom at $1,097.

On that same list, Calgary ranked 26th with a one-bedroom home at $1,244 and Edmonton landed 29th at $1,019 per month in January for a one-bedroom home.

When looking at the average rent for all Canadian cities, rent sat at $1,807 per month, resulting in an annual increase of 4.4 per cent.

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The average monthly rental rate across Alberta for January was $1,227, an annual decline of 1.3 per cent.

Many municipalities throughout Canada are experiencing substantial annual increases in average rent, but Rental.ca says average rents fell off a cliff during the worst of the pre-vaccine pandemic, which in turn will make comparisons skew high this year.

“January rents increased monthly in Canada, following a decrease in December, which we believe was just the typical seasonal decline, as opposed to Omicron fears. However, the pandemic trend of much higher demand for larger properties continues, with average rental rates for single-family properties up 20 per cent annually.”

“The need for more space, a frothy resale market, future interest rate hikes, and the decoupling of workers from their place of employment remain key factors in the rise,” stated Ben Myers, president of Bullpen Research & Consulting.

A full report can be found here.