Good news for renters in Calgary: it appears rent prices are falling, with the city posting another annual decline in costs.
Rentals.ca just released its January 2025 Rent Report, which compares the cost of rent in 35 cities across Canada.
Calgary was the 28th most expensive city to rent in, according to the data, with rent for a one-bedroom apartment falling 6% yearly to an average of $1,606.
A two-bedroom now costs $1,933 monthly, a 1.6% decrease from last month and a 7.2% decrease from January 2024.
Smaller cities once again accounted for the majority of places where renters experience annual rent hikes.
Lethbridge posted the highest annual rent growth in the country last month at a whopping 14.5%. On average, a one-bedroom apartment in the southern Alberta city now rents for $1,366 monthly.
Our neighbours to the north in Edmonton also saw rent prices increase over the last year, paying an average of $1,328 monthly for a one-bedroom apartment. YEG saw a 3.3% increase annually but a 2% drop in rent compared to last month.
The 10 most expensive places to rent were unsurprisingly in BC and Ontario; however, rent prices decreased in all but one city over the past year.
Rentals.ca
Rentals.ca
The report added that average asking rents for all residential property types in Canada ended 2024 down 3.2% compared to the end of 2023, falling to a 17-month low of $2,109 in December.