At a glance
- Calgary prices fall while Edmonton’s continue to rise
- The average price for a one-bedroom unfurnished unit has risen in Edmonton for the fourth consecutive month to $1,392, meanwhile, Calgary has seen prices fall consecutively for the last two months to $1,676. While Edmonton remains more affordable than many other Canadian cities, it is experiencing a steady rise in rental prices, in contrast to other cities where rental costs are trending downward.
- Unfurnished units driving Edmonton price hike
- The average price for a one-bedroom unfurnished unit has risen by (+3.71%) to $1,392 this month while prices have fallen by (-4.08%) to $1,532 for furnished units in Edmonton. We have also seen prices rise for all types of unfurnished units in every area across Edmonton with the only exception being for three-bedroom units in the City Centre which saw a decline this month.
- The price gap narrows between furnished vs unfurnished in Edmonton
- Edmonton is following a similar trend to other Canadian cities like Toronto as prices begin to narrow between furnished and unfurnished units. This October, the price gap between furnished and unfurnished one-bedroom units stands at $140/month. In contrast, back in October 2023, this difference was $293/month.
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 Edmonton this month while Calgary saw prices drop for one-bedroom unfurnished units. The Bank of Canada’s target overnight rate was recently lowered to 4.25% during an announcement on September 4th, 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 fall renting season.
We’ve 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 October 2024. Don’t forget, you can download the entire report as a one-page infographic PDF below.
Average rent across Calgary
This October, Calgary’s city-wide average monthly rent price for an unfurnished, one-bedroom unit fell by $28, bringing the rate for an unfurnished, one-bedroom unit to $1,676.
Month-to-month rent change
This chart breaks down the percentage change in rent prices across all of Calgary’s quadrants between September and October 2024.
Rents are down for furnished and unfurnished units in most areas. The most notable change for unfurnished one-bedroom units was a (-4.02%) decrease in average rates in Northeast Calgary. On the other hand, furnished one-bedroom units in Northwest Calgary saw the only increase in prices (+6.28%).
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 decreased by (-1.57%), renting for an average of $1,789 this month. Prices for unfurnished, one-bedroom units also fell this month by (-1.63%), to a new average cost of $1,676/month.
At present, furnished units cost an average of $113 more per month to rent than unfurnished units, unchanged from last month. This means that landlords can generally earn a higher profit by renting their units furnished. In contrast, 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 $50, bringing Edmonton’s average monthly rent price for an unfurnished, one-bedroom unit to $1,392 per month an increase of $61 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 September and October 2024.
This October, average rent prices didn’t increase anywhere for furnished one-bedroom units, meanwhile there were two decreases in West Edmonton (-1.64%) and Southwest Edmonton (-7.60%). Prices for unfurnished one-bedroom units saw an opposing trend this month with no areas seeing a price decrease, while the largest increases occurred in West Edmonton (+6.41%) and Northeast Edmonton at (+5.06%).
Unfurnished vs furnished rates in Edmonton
In Edmonton, average monthly rent prices for unfurnished one-bedroom units increased (+3.71%), while prices for furnished one-bedroom units decreased by (-4.08%). As of October 2024, furnished units in Edmonton rent for an average of $140 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 October 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 better understand each of these cities’ average rental prices, let’s 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 decreased in every quadrant for one and two-bedroom unfurnished units except two-bedroom units in the City Centre.
- Rent prices have decreased across all types of unfurnished units in Northeast and Northwest Calgary.
- Northeast Calgary has the lowest rental prices across all types of unfurnished units as well as two- and three-bedroom furnished units. Northwest Calgary is the cheapest for one-bedroom furnished units.
Sector breakdown: Edmonton
- Prices have increased for all types of unfurnished units everywhere except for Downtown three-bedroom units.
- Rental prices in Southeast Edmonton have increased for both unfurnished and furnished units across the board.
- Northeast Edmonton has the cheapest rental prices for 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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