At a glance
- Edmonton and Calgary have seen the largest year-over-year rent increases among major Canadian cities for one-bedroom unfurnished units
- Of the major rental markets we look at (Vancouver, Toronto, Calgary, Edmonton, and Montreal), Edmonton and Calgary have seen the largest and second-largest year-over-year rent increases. Edmonton saw the largest increase (+13.53%) in the city’s rate for an unfurnished one-bedroom unit, while Calgary (+6.11%) saw the second-largest among these cities.
- Rates for furnished one-bedroom units in Calgary have fallen year-over-year
- While unfurnished one-bedroom units saw a substantial year-over-year increase, rates for furnished one-bedroom units have fallen by an equally significant amount. Compared to June 2023, the average price for a furnished one-bedroom unit is down $111 (-5.67%) this month.
- Alberta’s rent prices could begin to fall alongside interest rates
- Average rent prices have levelled off this month in key Canadian rental markets like Vancouver, Toronto, and Montreal. With the Bank of Canada’s June 5th announcement lowering the target overnight rate to 4.75%, rates may finally fall consistently in the coming months.
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.
Despite seeing a year-over-year increase, average rent prices for unfurnished one-bedroom units have decreased month-to-month in both Calgary and Edmonton. 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 June 2024. Don’t forget, you can download the entire report as a one-page infographic PDF below.
Average rent across Calgary
This June, Calgary’s city-wide average monthly rent price for an unfurnished, one-bedroom unit fell by $12, bringing the rate for an unfurnished, one-bedroom unit to $1,703.
Month-to-month rent change
This chart breaks down the percentage change in rent prices across all of Calgary’s quadrants between May and June 2024.
This month, the most notable change for unfurnished one-bedroom units was a -5.30% decrease in average rates in Southeast Calgary. Furnished units also saw a few noteworthy shifts, with the largest change being a -4.38% decrease in City Centre.
Average unfurnished vs. furnished rates
Unfurnished vs. furnished rates in Calgary
Average rates for both furnished and unfurnished one-bedroom units in Calgary fell this month. Looking at the city as a whole, the average monthly rent for a furnished one-bedroom unit has dropped by +2.08%, renting for an average of $1,847 this month. Prices for unfurnished, one-bedroom units fell by -0.72%, to a new average cost of $1,703 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 on rent by bringing their own furniture.
Average rent across Edmonton
This month, Edmonton’s rental rates for an unfurnished one-bedroom unit decreased by $14, bringing Edmonton’s average monthly rent price for an unfurnished, one-bedroom unit to $1,317 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 May and June 2024.
This June, average rent prices for unfurnished one-bedroom units increased the most in Northwest Edmonton (+3.98%), with notable decreases in Northeast (-3.60%) and Southwest (-3.50%). Prices for furnished one-bedroom units dropped the most in Downtown Edmonton (-3.84%) with no month-to-month increases observed.
Unfurnished vs. furnished rates in Edmonton
In Edmonton, average monthly rent prices for furnished one-bedroom units increased (+4.12%), while prices for unfurnished one-bedroom units fell (-1.01%). As of June 2024, furnished units in Edmonton rent for an average of $179 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.
Try Premium Landlord Features for free!
Alberta landlords, elevate your rental game with a FREE one-month trial of liv.rent’s Growth plan! Access $68 worth of premium features like Multi-Platform Advertising and Trust Score tenant screening reports with Equifax® credit information.
Looking for our full June 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
- City Centre had the highest average rent prices for unfurnished and furnished one-bedroom units.
- Prices rose for all types of units except furnished one-bedroom units in Northeast Calgary.
- Northeast Calgary had the lowest average rent prices for all types of unfurnished units.
Sector breakdown: Edmonton
- West Edmonton had the lowest rent prices on average for one- and two-bedroom unfurnished units.
- Rental rates for unfurnished three-bedroom units rose in every Edmonton sector except for Southeast Edmonton.
- Southeast Edmonton had the highest rates for unfurnished one-bedroom units while Downtown had the highest prices for all other types of units besides three-bedroom furnished 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.
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:
May 2024 Metro Vancouver Rent Report
May 2024 Toronto Rent Report
May 2024 Calgary & Edmonton Rent Report
May 2024 Montreal Rent Report
0 Comments