At a glance
- The average monthly rent price for an unfurnished one-bedroom unit in Calgary increased by $22 between December 2023 and January 2024.
- Edmonton’s average monthly rate for unfurnished one-bedroom units also increased this month, by an average of $35 or +2.84%.
- Southeast Calgary had the highest average rent prices for unfurnished one-bedroom units this month, while Calgary City Centre had the most expensive rates for all other types of furnished and unfurnished units.
Looking for our full January 2024 Calgary & Edmonton Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.
For the third straight month now, average rent prices have increased in both Calgary and Edmonton, with Edmonton now having seen five consecutive month-to-month increases. Rates in Alberta’s two major cities have continued to climb throughout the winter, even as prices largely fell in other major rental markets. The Bank of Canada’s target overnight rate remains at 5% following a recent announcement on December 6th, which has been cause for cautious optimism among landlords and investors heading into the new year. We’ll continue to monitor trends in both of these cities to see where Calgary and Edmonton‘s rent prices stand in the coming months.
Let’s take a look now at the current rental costs and overarching trends in Calgary and Edmonton for January 2024. Don’t forget, you can download the entire report as a one-page infographic PDF below.
Download The Latest Calgary and Edmonton Rent Reports
For the complete Calgary and Edmonton rent reports, download here.
Average rent across Calgary
This January, Calgary’s city-wide average monthly rent price for an unfurnished, one-bedroom unit rose by $22, bringing the rate for an unfurnished, one-bedroom unit to $1,721. With this recent string of increases, Calgary’s average rent prices are now just above their August levels.
Month-to-month rent change
This chart breaks down the percentage change in rent prices across all of Calgary’s quadrants between December 2023 and January 2024.
Average rates for unfurnished units rose the most in Northwest Calgary while falling the most in City Centre. Looking at furnished units, the most significant increase occurred in Southeast Calgary while the largest decrease was seen in City Centre.
Average unfurnished vs. furnished rates
Unfurnished vs. furnished rates in Calgary
Average rates for furnished one-bedroom units in Calgary have fallen this January while prices for unfurnished one-bedroom units have increased. Looking at the city as a whole, the average monthly rent for a furnished one-bedroom unit is down -0.90%, renting for an average of $1,865 this month. Prices for unfurnished, one-bedroom units rose +1.29%, to a new average cost of $1,721 per month.
At present, furnished units cost an average of $144 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 considerably on rent by bringing their own furniture.
Average rent across Edmonton
In Edmonton, city-wide average rent prices for unfurnished one-bedroom units have also increased this January. This month, the city’s rental rates rose by $35, bringing Edmonton’s average monthly rent price for an unfurnished, one-bedroom unit to $1,267 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 December 2023 and January 2024.
Average rent prices for unfurnished one-bedroom units rose substantially in Southwest and Northeast Edmonton, while falling in the city’s Downtown and West sectors. Prices for furnished one-bedroom units fell the most in West Edmonton this month, with no increases observed in any sector.
Unfurnished vs. furnished rates in Edmonton
In Edmonton, average monthly rent prices for furnished (-3.28%) one-bedroom units fell, while prices for unfurnished one-bedroom units (+2.85%) rose this month. As of January 2024, furnished units in Edmonton rent for an average of $192 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.
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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
- Southeast Calgary had the highest average rent prices for unfurnished one-bedroom units this month.
- Calgary City Centre had the most expensive rental rates for all other types of furnished and unfurnished units.
- Northwest Calgary had the lowest monthly rent prices for unfurnished one- and two-bedroom units, as well as two-bedroom furnished units.
Sector breakdown: Edmonton
- West Edmonton had the lowest average rent prices for one- and two-bedroom unfurnished units this month.
- Prices for three-bedroom unfurnished units fell in every sector of Edmonton.
- Southwest Edmonton had the highest rates for one-, two-, and three-bedroom 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:
December 2023 Metro Vancouver Rent Report
December 2023 Toronto Rent Report
December 2023 Calgary & Edmonton Rent Report
December 2023 Montreal Rent Report
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