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Average rent in Lloydminster drops year-over-year

Lloydminster rental properties were cheaper at the end of 2020 than they were the same time the year before which follows the national trend.

According to the National Rent Report from Rentals.ca, Lloydminster ranked as the city with the cheapest home rentals with an average of $742 for a one-bedroom and $896 for a two-bedroom. Both were over one per cent lower from the previous month and two-bedrooms were 4.5 per cent lower from the same time in 2019.

Provincially, Alberta saw a 10 per cent decline year over year with condos dropping three per cent and 4.4 per cent for the average lease rate for apartments. The average monthly rent was $1,227 at the end of the year, compared to 2019’s $1,272.

Overall, the average rent for properties across Canada was down 7.1 per cent annually and 1.1 per cent from November. The report says it is the lowest rate of decline since May. Out of the 35 cities listed in the report, Vancouver was the most expensive with $1,885 for a one-bedroom and $2,635 for a two-bedroom.

Rentals.ca projects rental rates to continue to decline for the next three to four months due to weaker demand, more supply and COVID-19. They note the pandemic has diminished demand through a loss of immigrants, temporary workers, international students and tenants either buying their first home with low interest rates or leaving their units to move back in with family.

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Supply increased because of a lack of tourism reducing the use of short-term rentals and those properties being relisted on the long-term rental market.

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