At a glance
- Calgary and Edmonton are the only major cities we analyze that saw a YoY increase in rent price
- Both Calgary (+3.18%) and Edmonton (+12.26%) saw their prices rise for an unfurnished one-bedroom unit compared to July 2023, whereas rates have fallen year-over-year in Toronto, Vancouver, and Montreal.
- Rental rates for one-bedroom unfurnished units rose month-to-month in both Calgary and Edmonton
- Despite declines in other major Canadian cities, both of Alberta’s key cities saw slight month-to-month increases this July, albeit slight ones. Rates for unfurnished one-bedroom units increased by +0.99% in Calgary and just +0.13% in Edmonton this month.
- Despite a YoY increase in price for unfurnished one-bedroom units, rates for furnished one-bedroom units in Calgary are down substantially compared to July 2023
- While average rent prices for unfurnished units rose year-over-year, rates for furnished one-bedroom units in Calgary have fallen significantly year-over-year. Compared to July 2023, prices have dropped by $262 (-12.47%).
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.
Average rent prices for unfurnished one-bedroom units have increased in both Calgary and Edmonton this month, albeit only slightly. The Bank of Canada’s target overnight rate was recently lowered to 4.75% during an announcement on June 5th, 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 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 July 2024. Don’t forget, you can download the entire report as a one-page infographic PDF below.
Average rent across Calgary
This July, Calgary’s city-wide average monthly rent price for an unfurnished, one-bedroom unit rose by $17, bringing the rate for an unfurnished, one-bedroom unit to $1,720.
Month-to-month rent change
This chart breaks down the percentage change in rent prices across all of Calgary’s quadrants between June and July 2024.
This month, the most notable change for unfurnished one-bedroom units was a +4.67% increase in average rates in Northwest Calgary. On the other hand, furnished one-bedroom units in Northwest Calgary saw the largest decrease at -7.71%.
Average unfurnished vs. furnished rates
Unfurnished vs. furnished rates in Calgary
Average rates for furnished one-bedroom units in Calgary fell this month while prices for unfurnished one-bedroom units increased. Looking at the city as a whole, the average monthly rent for a furnished one-bedroom unit has dropped by -0.46%, renting for an average of $1,839 this month. Prices for unfurnished, one-bedroom units rose by +0.99%, to a new average cost of $1,720 per month.
At present, furnished units cost an average of $119 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 $2, bringing Edmonton’s average monthly rent price for an unfurnished, one-bedroom unit to $1,319 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 June and July 2024.
This July, average rent prices for unfurnished one-bedroom units increased the most in Southwest Edmonton (+2.58%), with the largest decrease occurring in Northwest Edmonton (-1.40%). Prices for furnished one-bedroom units rose the most in Southwest Edmonton (+5.06%) with no month-to-month decreases observed.
Unfurnished vs. furnished rates in Edmonton
In Edmonton, average monthly rent prices for furnished one-bedroom units increased (+5.41%), while prices for unfurnished one-bedroom units also increased slightly (+0.13%). As of July 2024, furnished units in Edmonton rent for an average of $258 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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Looking for our full July 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
- Southeast Calgary had the lowest rental rates for one-bedroom unfurnished units.
- City Centre had the highest rent prices for all types of unfurnished units, as well as one- and two-bedroom furnished units.
- Prices for two-bedroom unfurnished units increased in every quadrant except for Southeast Calgary.
Sector breakdown: Edmonton
- West Edmonton had the cheapest average rent prices for one- and two-bedroom unfurnished units, while Southeast Edmonton had the lowest rates for unfurnished three-bedroom units.
- Southwest Edmonton had the highest rental prices for one-bedroom unfurnished units while Downtown had the highest rates for two- and three-bedroom unfurnished units.
- Prices for unfurnished three-bedroom units rose in every sector except for Southeast 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.
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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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