Red Deer ranks 53rd of 60 Canadian markets, among cheapest for rent
Red Deer's average asking rent rose to $1,573 a month in August, but the city still ranks among the most affordable urban rental markets in Canada.
Why it matters
The report shows Red Deer and much of Alberta continuing to offer some of the lowest rental costs in Canada even as prices tick upward.
Red Deer placed 53rd out of 60 Canadian markets for average rent by city and unit type in August, according to the National Rent Report from Rentals.ca and Urbanation, making it one of the eight cheapest markets tracked. The city ranked 52nd in July and 55th in June.
Average rent in Red Deer climbed to $1,573 per month in August from $1,536 in July. A one-bedroom unit averaged $1,345, up from $1,239 in July and $1,337 in June, while a two-bedroom unit averaged $1,515, slightly higher than July's $1,509 and June's $1,499.
For purpose-built and condo rental apartments specifically, Red Deer had the seventh-lowest average asking rent among Canadian markets at $1,455 per month, behind Fort McMurray ($1,277), Lloydminster ($1,330), Medicine Hat ($1,345), Saskatoon ($1,393), Regina ($1,414) and Grande Prairie ($1,422).
Alberta ranked as the third-cheapest province for rent overall at $1,776 per month across all property types, behind only Manitoba ($1,643) and Saskatchewan ($1,461). The province saw rents drop 3.6 per cent year over year, while the national average asking rent fell 4.8 per cent to $2,035, marking 23 straight months of annual decreases.
Compiled by the Alberta Daily Desk — an AI-written summary of reporting from the credited sources below, produced and reviewed under our editorial policy.