Lloydminster is once again showing the lowest rent of 35 cities polled, according to the May 2021 Rent Report by Rentals.ca.
The report indicates that while Lloydminster does have the least-expensive rent of cities where the data was collected, the costs have decreased as well year over year.
The average rent for a one-bedroom apartment is down six per cent this year, averaging out at about $786. Looking to a two-bed, homes average rent kicked out to about $886, down 9.2 per cent compared to 2020.
Looking provincially, Alberta saw an average rent increase by 0.2 per cent month over month to $1,150, while Saskatchewan saw 1.7 per cent under these same paradigms to $1,021. Alberta also held the top spot for the difference in price when it comes to furnished and unfurnished apartments, averaging out $1,649 to $1,191, respectively.
The report also concluded that rental rates have increased based on several factors. They note that rental incentives were big among consumers, as luxury apartments have yet to see their market improve.
Renters have been getting into the rental market before rents move back to pre-COVID levels, as the third wave continues across Canada. People are also holding off becoming homeowners right now, as prices continue to rise despite the pandemic.
Across Canada, the average one-bedroom sitting at $1,414 and a two-bedroom at $1,725. This is an annual decline of 9% and a monthly decline of 1%. Vancouver and Toronto once again showed the highest costs of rent.