As 2024 progresses, rent prices in Lloydminster and surrounding areas continue to climb.
Rentals.ca released its July numbers, which indicate renting a two-bedroom apartment in Edmonton will cost around $1,700 and Saskatoon around $1,450. Annual increases of 12 and 19 per cent, respectively.
In Lloydminster, a two-bedroom apartment averaged $1,180, according to rental site Zumper.
The Meridian Source spoke with Kerry Frissell, president of the Realtors Association of Lloydminster and District, about the increases.
“The vacancy rate in Lloydminster as well as Wainwright is low,” said Frissell. “Unlike five years ago where rental rates were plummeting in the area, things have seemed to stabilize.”
He suspects there are probably half a dozen applications for each apartment on the market, making it easier to sustain rent increases yearly.
All of these numbers are well below the national average of $2,336. That average is up 9.1 per cent over last year.
According to Zumper, Lloydminster’s rental prices have gone up an average of over 20 per cent across all categories since this time last year. A one-bedroom apartment in Lloyd averaged $1,012, and a three-bedroom apartment $1,361. The median rent in Lloyd is $1,185, over 35 per cent lower than the national average.
These statistics agree with the national assessment from Rentals.ca as to where prices are going up.
“Saskatchewan maintains its lead as the fastest growing province annually, inching up from previous months with annual growth at 22.2 per cent for purpose-built and condominium apartments,” said the report.
“Despite the acceleration of annual growth, month-over-month rents have declined to $1,331, down $8 from June and remaining 38 per cent below the national average of $2,156.”
Frissell says they are seeing a variety of apartment rentals compared to the past and knows in some cases, it’s to help cover costs of mortgages etc.
“We used to see lots of houses up for rent, now that has changed,” said Frissell. “Now a lot of basement apartments are being turned into rental units.”
Don’t fret too much, though, the top three most expensive places to rent a two-bedroom apartment in Canada are Vancouver, B.C., Toronto, Ont. and Burnaby B.C., with an average of over $3,450 for one unit.
Rentals.ca publishes monthly reviews of prices across the country.
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