Rents Soar in Edmonton; The vacancy rate is falling

 

 

Rental rates in Canada hit record high, Rentals.ca reports. The average monthly apartment rent in January was $2,146. This is 11.6 percent higher than a year ago. According to the report, Edmonton surpassed Calgary, Canada's rent inflation leads, among large markets. Edmonton reported a 17.1 percent annual increase. This brings the average rent in Edmonton to $1,479. The average rent in Alberta is $1,690. According to the report, there has been an increase of 17.8 percent since last January.

Meanwhile, the vacancy rate for rental apartments in Edmonton will drop from 4.3 per cent to 2.4 per cent in 2023, according to the Canadian Mortgage and Housing Corporation's Rental Market Report. Edmonton's vacancy rate in 2023 is the lowest it has been in a decade. The report cites population growth, stable economic activity, youth employment rates, people struggling to afford a home, and relatively high interest rates affecting housing supply as reasons for the decline in the vacancy rate.