photo courtesy Dreamstime.com

By Jeff Henson

RENT REPORT

Grande Prairie average rental rates lowest among cities surveyed in monthly rent report

Jun 14, 2023 | 3:38 PM

Grande Prairie’s average monthly rental costs for May were the lowest among 35 Canadian cities surveyed in the latest National Rent report.

The report, compiled by Rentals.ca and Urbanation, showed a one-bedroom unit in the Swan city went for an average cost of $1,023, while a two-bedroom on average was $1,226 last month.

That is not to say that rental prices are not going up in our city.

The report says year over year, the average rental price for a one-bedroom in Grande Prairie has gone up 7.8 per cent, while a two-bedroom unit has jumped 15.1 per cent since May of 2022.

Alberta led all provinces in annual rent growth in May with average rents for purpose-built and condominium apartments up 13.4 per cent year over year to $1,521.

The report adds that average rents are expected to continue to rise across the country, as immigration continues to increase, along with the cost of buying a home continuing to become more expensive