Calgary’s average rent price shoots up by 21 per cent year-over-year: report
Posted Jun 21, 2022 1:53 pm.
A new report shows the average price for a rental property in Calgary was $1,661 per month in May, marking a 21 per cent increase since the same time last year.
According to the report from Rentals.ca, Calgary’s prices are rising at a much faster rate compared to other municipalities in the province. Edmonton’s prices only rose seven per cent, while Grande Prairie, Fort McMurray, and Red Deer saw little to no change.
Rentals.ca says the data used in its analysis included property types such as single-detached homes, semi-detached homes, townhouses, condos, and apartments.
The report also shows Calgarians paid more rent per-square-foot (psf) than other Alberta towns and cities in May, an average of $2.22 psf — which is 18 per cent more than last year.
(Rentals.ca)
Although Calgary ranks in the top 25 most expensive places to rent in the country, the city’s rent prices remained below the national average.
Across Canada, the average price of a rental property in May was $1,888 per month, a 10.5 per cent increase from May 2021 and a 3.7 per cent increase from April. Rentals.ca says this is the largest month-over-month increase in rent prices since before the COVID-19 pandemic.
The report suggests the most expensive types of rentals on average in Canada are single-family homes, at $2,881 per month.
