At a glance
- Edmonton saw the largest year-over-year rent price increase among major Canadian cities
- Looking at year-over-year rent price increases for unfurnished one-bedroom units, Edmonton (+20.30%) had the most significant growth among the cities we look at. Comparing April 2023 to April 2024, Edmonton outpaced Calgary (+6.79%), Vancouver (+1.55%), Toronto (+0.76%), and Montreal (+0.25%).
- Southwest Edmonton was the city’s fastest-growing sector
- Behind Edmonton’s substantial year-over-year increase in rent prices, Southwest Edmonton (+32.93%) saw a disproportionate rise in rates for unfurnished one-bedroom units. Between April 2023 and April 2024, prices also rose substantially in West Edmonton (+21.90%), Southeast (+20.07%), Northwest (+16.43%), Downtown (+16.08%), and Northeast (+13.89%).
- Calgary Southwest and City Centre see the largest year-over-year rent increase
- Among Calgary’s different quadrants, City Centre (+11.36%) and Southwest (+11.20%) had the largest increase in average rent prices for 1br unfurnished units comparing April 2023 to April 2024. Alongside this, from April 7th to 13th we observed the highest search volume for “moving to Calgary” since April 2019 – indicating that the city, and these quadrants in particular, could see demand continue to increase heading into the summer.
Download the full report here for a comprehensive summary of this month’s rental data.
Download The Latest Calgary and Edmonton Rent Reports
For the complete Calgary and Edmonton rent reports, download here.
Compared to last month, average rent prices for one-bedroom unfurnished units have increased in Calgary this April while falling slightly in Edmonton.. The Bank of Canada’s target overnight rate remains at 5% following a recent announcement on April 10th, which has been cause for cautious optimism as the Bank signalled that cuts could come as early as June. We’ll continue to monitor trends in both of these cities to see where Calgary and Edmonton‘s rent prices stand heading into the busy summer & fall renting season.
We’ve recently published our 2024 Canada Rental Market Trend Report with in-depth analysis of average rent prices, driving factors, and predictions for the year ahead. You can download your copy here.
Let’s take a look now at the current rental costs and overarching trends in Calgary and Edmonton for April 2024. Don’t forget, you can download the entire report as a one-page infographic PDF below.
Average rent across Calgary
This April, Calgary’s city-wide average monthly rent price for an unfurnished, one-bedroom unit rose by $19, bringing the rate for an unfurnished, one-bedroom unit to $1,683.
Month-to-month rent change
This chart breaks down the percentage change in rent prices across all of Calgary’s quadrants between March and April 2024.
This month, the most notable change for unfurnished one-bedroom units was the increase in average rates in Southeast Calgary (+7.03%). Similarly, furnished one-bedroom units also saw a significant jump in Northwest Calgary (+12.54%).
Average unfurnished vs. furnished rates
Unfurnished vs. furnished rates in Calgary
Average rates for furnished one-bedroom units in Calgary fell this month, while rates for unfurnished one-bedroom units increased. Looking at the city as a whole, the average monthly rent for a furnished one-bedroom unit is down -1.37%, renting for an average of $1,847 this month. Prices for unfurnished, one-bedroom units rose +1.14%, to a new average cost of $1,683 per month.
At present, furnished units cost an average of $164 more per month to rent than unfurnished units, meaning that landlords can generally earn a higher profit by renting their units furnished, whereas renters will be able to save on rent by bringing their own furniture.
Average rent across Edmonton
In Edmonton, city-wide average rent prices for unfurnished one-bedroom units have fallen slightly this April. This month, the city’s rental rates dropped by just $5, bringing Edmonton’s average monthly rent price for an unfurnished, one-bedroom unit to $1,256 per month.
Month-to-month rent change
This chart breaks down the percentage change in rent prices across all of Edmonton’s different sectors between March and April 2024.
This April, average rent prices for unfurnished one-bedroom units increased the most in Southeast Edmonton, falling the most in the city’s Northwest sector. Prices for furnished one-bedroom units increased in Downtown Edmonton this month while falling the most in West Edmonton.
Unfurnished vs. furnished rates in Edmonton
In Edmonton, average monthly rent prices for furnished one-bedroom units fell (-2.03%), while prices for unfurnished one-bedroom units also fell slightly (-0.39%). As of April 2024, furnished units in Edmonton rent for an average of $228 more than unfurnished units. This indicates that landlords who can rent their units furnished would benefit from doing so, particularly if they plan to rent their units on a short-term basis.
Is your rental priced competitively?
Find out with a free rent estimate. Our team of rental experts will calculate your unit’s true value based on your listing details & current market trends.
Looking for our full April 2024 Calgary & Edmonton Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.
Quadrant/Sector breakdown
To get a better sense of each of these cities’ average rental prices, let’s now break down both Calgary and Edmonton into their constituent quadrants/sectors. We’ll examine prices & trends for one-, two-, and three-bedroom units in each city for a more in-depth analysis.
Quadrant breakdown: Calgary
- Calgary City Centre had the highest average rent prices for all types of units this month
- Northeast Calgary had the lowest average rates for one- and three-bedroom unfurnished units this month, as well as all types of furnished units
Sector breakdown: Edmonton
- Northwest Edmonton had the lowest average rent prices for one-bedroom unfurnished units this month
- Southwest Edmonton had the highest rates for one-, two-, and three-bedroom unfurnished units, plus three-bedroom furnished units
- Prices rose for all types of unfurnished units in Northeast Edmonton
Downloadable resources
Download The Latest Calgary and Edmonton Rent Reports
For the complete Calgary and Edmonton rent reports, download here.
Rental resources for Alberta renters
You can read these comprehensive guides for more information on renting in Alberta and using liv.rent to streamline your rental process.
- FAQ: Landlord & tenant responsibilities in Alberta
- FAQ: Everything you need to know about rent deposits in Alberta
- The Complete User Guide To liv.rent For Landlords & Property Managers
- The Ultimate Renter’s Guide To Using liv.rent
Data collection methodology
Our monthly rent reports use data from our own liv.rent listings, as well as data our team manually collects from other popular listing sites – looking at available basement suites, apartments, condos, townhouses, semi-detached houses, and single-detached houses for each area.
When collecting this data, we do exclude luxury properties listed at over $5,000, as well as rooms for rent and shared accommodation. Investing in manual data collection means that we only consider the current month’s listing, since we can filter out duplicate listings and older ads that haven’t been removed.
Another key difference between our data collection methods and some government agencies like the CMHC is that we only include current asking rent prices. Many official reports will include data for entire buildings in their reports, which tends to skew numbers lower since many units are already occupied, and may be rent-controlled or rented for significantly lower than the current rates.
As we are a Canadian rental platform founded and based in Vancouver, we want to ensure that we’re providing a completely accurate depiction of the rental market in the cities we look at.
Rethink The Way You Rent
Not on liv.rent yet? Experience the ease of digital applications & contracts, verified tenants & landlords, virtual tours and more – all on one platform. Sign up for free or download the app.
Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:
March 2024 Metro Vancouver Rent Report
March 2024 Toronto Rent Report
March 2024 Calgary & Edmonton Rent Report
March 2024 Montreal Rent Report
0 Comments