Edmonton’s rental market is among the most affordable of any major Canadian city, according to data from an online rental platform, even as the national trend continues upwards.
The Alberta capital ranked as 21st most expensive out of 24 markets in Canada, well behind national leaders Vancouver but ahead of Saskatoon, Regina and St. John’s, according to data from rental website Zumper.
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It showed that median average monthly rent for a one-bedroom unit in Edmonton was $1,000 and $1,250 for a two-bedroom.
Analysts say historical factors as well as a relatively abundant supply of rental housing have made Edmonton a more affordable city than most in Canada for renters.
“It is mostly driven by the vast amount of primary rental stock in Edmonton,” said Michael Mak, a senior analyst with the Canada Mortgage and Housing Corporation.
“There’s a government and public sector employment there that is attractive to some builders,” he said.
“Historically speaking, Edmonton had a larger share of rentals than a lot of other Canadian cities.”
Those factors have helped Edmonton buck that national trend when it comes to rents, Mak said, with what he described as a tight rental market in other major cities.
“They continue sort of playing a catch-up game … whereas Edmonton has had a continuous supply of rental universe available.”
Mak said Edmonton rents could be on the rise in the short-term with post-secondary students coming back to class but also with increasing migration to Alberta, with those in more costly areas looking for a cheaper lifestyle.
The Zumper Canadian Rent Report analyzes rental data from hundreds of thousands of active listings and aggregates them on a monthly basis to tabulate median values.
The median cost of a one-bedroom unit grew by 4.2 per cent over the last month in Edmonton, according to the data, the sixth-highest increase across Canada, and well behind the more than 30 per cent increase seen in Quebec City.
With an all-time high median price of $2,400 a month for a one-bedroom rental, Vancouver was the most expensive city for renters in Canada, the data shows, followed by the B.C. capital Victoria at number three ($1,990) and Vancouver suburb Burnaby in fourth ($1,940).
Toronto rents declined by nearly five per cent over last month, but were still behind only Vancouver in median price at $2,000 a month. Toronto suburb Oshawa rounded out the top five with a median price of $1,750 per month.
Calgary was the only other Alberta market analyzed and came in as 17th most expensive with median one-bedroom rents growing 4.6 per cent to $1,370. The median for a two-bedroom unit there was calculated at $1,640 per month.
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