With the cost of rent in Alberta continually rising, it’s no surprise that Albertans are forking out a lot of money to stay afloat.
A new report from Royal LePage shows how much Albertans pay each month towards their rent, and it’s pretty steep.
Data from Royal LePage’s 2024 Canadian Renters Report shows that more than one-quarter (27%) of Alberta renters plan to purchase a property in the next two years, but 45% will not.
Many Albertans might find it difficult to save, considering that a large portion of their salaries is going towards rent.
Royal LePage
According to the report, the majority of renters in Alberta spend up to 30% of their net income on monthly rent costs, while 34% spend between 31% and 50% of their income, and 17% spend more than 50%.
“The rental segment has been in transition these past few years. We came out of a balanced market that had healthy vacancy levels and robust demand, and headed into a crunch starting in the spring of 2022. We are now in a scenario where multiple offers on rental properties are being seen more frequently, a new phenomenon in Calgary,” says Andrew Hanney, sales representative and property manager at Royal LePage Mission Real Estate in Calgary.
“Demand for rentals in Alberta has been coming from all directions, including residents relocating from Ontario and British Columbia in search of a lower cost of living. One-bedroom apartments have some of the highest vacancy rates, as many renters are choosing to live in larger units with roommates in order to lower their monthly living expenses. This has created difficulties for families looking for multi-bedroom rental options.”
Thankfully, while rent remains high compared to the average income, Alberta renters still spend significantly less on rent than British Columbia and Atlantic Canada.