At a glance
- Rental growth in Calgary is slowing down
- Despite a (+3.93%) month-to-month increase for an unfurnished one-bedroom unit (July 2024 vs Aug 2024), Calgary’s rent prices are lower compared to 2023. In August, the city experienced an average YoY rental price drop of (-0.2%) across all unit types. Additionally, search volume for “apartments for rent,” “houses for rent,” and “rentals” in Calgary saw a significant YoY decline (-33%).
- Furnished units are driving the YoY rental price decline in Calgary
- Furnished one- and two-bedroom units contributed to the YoY drop in Calgary’s rent prices, with declines observed during the peak summer months of May to August. Furthermore. over the past three months, search volumes for condos and houses for rent have fallen by (-18%), suggesting a possible reduction in demand in Calgary’s rental market.
- Edmonton’s rental market continues to see steady growth
- Edmonton experienced an average YoY rental price increase of (+8.4%) across all unit types (Aug 2023 vs Aug 2024). Both furnished and unfurnished units in Edmonton have seen consistent YoY rental price increases almost every month, except for January.
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Download The Latest Calgary and Edmonton Rent Reports
For the complete Calgary and Edmonton rent reports, download here.
Average rent prices for unfurnished one-bedroom units have increased in both Calgary and Edmonton this month. The Bank of Canada’s target overnight rate was recently lowered to 4.50% during an announcement on July 24th, which has been cause for cautious optimism throughout the remainder of 2024. 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 an 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 August 2024. Don’t forget, you can download the entire report as a one-page infographic PDF below.
Average rent across Calgary
This August, Calgary’s city-wide average monthly rent price for an unfurnished, one-bedroom unit rose by $36, bringing the rate for an unfurnished, one-bedroom unit to $1,756.
Month-to-month rent change
This chart breaks down the percentage change in rent prices across all of Calgary’s quadrants between July and August 2024.
Rents are up for furnished and unfurnished units in most areas. The most notable change for unfurnished one-bedroom units was a (+8.47%) increase in average rates in Southeast Calgary. On the other hand, furnished one-bedroom units in Northwest Calgary saw the largest increase of (+5.34%). With rents increasing a little help can go a long way, if you want some help paying your rent make sure you enter our $5,000 giveaway, deadline closing soon!
Average unfurnished vs furnished rates
Unfurnished vs furnished rates in Calgary
Average rates for both furnished and unfurnished one-bedroom units in Calgary rose this month. Looking at the city as a whole, the average monthly rent for a furnished one-bedroom unit has increased by (+3.93%), renting for an average of $1,911 this month. Prices for unfurnished, one-bedroom units rose by (+2.12%), to a new average cost of $1,756/month.
At present, furnished units cost an average of $155 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
This month, Edmonton’s rental rates for an unfurnished one-bedroom unit rose by just $8, bringing Edmonton’s average monthly rent price for an unfurnished, one-bedroom unit to $1,327 per month. An increase of $66 in the last six months.
Month-to-month rent change
This chart breaks down the percentage change in rent prices across all of Edmonton’s different sectors between July and August 2024.
This August, average rent prices for furnished one-bedroom units increased the most in Southwest Edmonton (+6.55%), with the only decrease occurring in Downtown Edmonton (-1.39%). Prices for unfurnished one-bedroom units rose the most in Northeast Edmonton (+3.45%), while the largest decrease occurred in Northwest Edmonton at (-4.04%).
Unfurnished vs furnished rates in Edmonton
In Edmonton, average monthly rent prices for furnished one-bedroom units increased (+2.77%), while prices for unfurnished one-bedroom units also increased slightly (+0.64%). As of August 2024, furnished units in Edmonton rent for an average of $294 more than unfurnished units, an increase of $36 from last month. 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.
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Looking for our full August 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
- Prices for three-bedroom unfurnished units decreased in every quadrant except in Calgary City Centre.
- City Centre had the highest rent prices for all unit types, excluding one-bedroom unfurnished and three-bedroom furnished units.
- Prices for one-bedroom unfurnished units increased in every quadrant except Southwest Calgary which saw no change. Prices also increased for all two-bedroom furnished units everywhere except Southwest Calgary.
Sector breakdown: Edmonton
- Prices are down for all two and three-bedroom unfurnished units everywhere except Southeast Edmonton.
- Prices for all furnished two-bedroom units have declined in every area except Downtown.
- Southeast Edmonton saw an increase in all types of unfurnished units.
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.
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Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:
June 2024 Metro Vancouver Rent Report
June 2024 Toronto Rent Report
June 2024 Calgary & Edmonton Rent Report
June 2024 Montreal Rent Report
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