At a glance
- Average rent prices taper off in both Calgary and Edmonton
- This March, rates for an unfurnished one-bedroom unit have levelled off in both Calgary and Edmonton – similar to what we observed in other major Canadian rental markets. This month, average prices fell by just $1 in Calgary and $8 in Edmonton.
- Alberta’s rent prices have increased more year-over-year than Vancouver and Toronto
- Despite the recent drop, both Calgary and Edmonton have seen larger year-over-year rent increases than Toronto and Vancouver. Looking at unfurnished one-bedroom units, rates are up +12.29% in Edmonton, +6.80% in Calgary; while Vancouver saw a drop (-2.16 %) and Toronto saw a less substantial YoY increase (+2.71%).
- Both Calgary and Toronto saw a YoY increase in construction starts, unlike Vancouver and Toronto
- Comparing January 2023 to January 2024, Calgary (+36%) and Edmonton (+38%) have both seen considerable increases in new construction starts. Both Vancouver (-5%) and Toronto (-11%) saw a drop in new construction starts, and in fact Calgary has now surpassed Toronto in the total number of new construction starts (1,491 vs. 1,483).
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 have decreased slightly in both Calgary and Edmonton this March. Rates in Alberta’s two major cities have tapered off after rising throughout the winter. The Bank of Canada’s target overnight rate remains at 5% following a recent announcement on March 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 heading into the busy 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 March 2024. Don’t forget, you can download the entire report as a one-page infographic PDF below.
Average rent across Calgary
This March, Calgary’s city-wide average monthly rent price for an unfurnished, one-bedroom unit fell by just $1, bringing the rate for an unfurnished, one-bedroom unit to $1,664.
Month-to-month rent change
This chart breaks down the percentage change in rent prices across all of Calgary’s quadrants between February and March 2024.
Average rates for unfurnished one-bedroom units rose the most in Northeast Calgary while falling in all other quadrants. Looking at furnished units, the largest month-to-month increase was seen in Southwest Calgary, while the Southeast quadrant had the most significant decrease from February.
Average unfurnished vs. furnished rates
Unfurnished vs. furnished rates in Calgary
Average rates for furnished one-bedroom units in Calgary rose this month, while rates for unfurnished one-bedroom units fell. Looking at the city as a whole, the average monthly rent for a furnished one-bedroom unit is up +3.91%, renting for an average of $1,873 this month. Prices for unfurnished, one-bedroom units fell -0.05%, to a new average cost of $1,664 per month.
At present, furnished units cost an average of $209 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 fallen slightly this March. This month, the city’s rental rates dropped by just $8, bringing Edmonton’s average monthly rent price for an unfurnished, one-bedroom unit to $1,261 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 February and March 2024.
Average rent prices for unfurnished one-bedroom units rose the most in Northwest Edmonton, falling the most in the city’s Southeast sector. Prices for furnished one-bedroom units increased the most in West Edmonton this month, while rates fell the most in Downtown Edmonton.
Unfurnished vs. furnished rates in Edmonton
In Edmonton, average monthly rent prices for furnished one-bedroom units fell (-2.51%), while prices for unfurnished one-bedroom units also fell slightly (-0.62%). As of March 2024, furnished units in Edmonton rent for an average of $254 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 March 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, except for three-bedroom furnished units
- Northwest Calgary had the lowest average rates for one- and two-bedroom unfurnished units, as well as one-bedroom furnished units
- Prices for unfurnished one-bedroom units fell in every quadrant except for Northeast Calgary
Sector breakdown: Edmonton
- West 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
- Prices fell for one-, two-, and three-bedroom 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.
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Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:
February 2024 Metro Vancouver Rent Report
February 2024 Toronto Rent Report
February 2024 Calgary & Edmonton Rent Report
February 2024 Montreal Rent Report
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