With the average cost of $1,054 for a one-bedroom rental, Grande Prairie has been ranked as one of the least expensive cities in Canada for renters.
The report, produced by Rentals.ca and Bullpen Research and Consulting, ranks Grande Prairie 29th out of 33 cities in terms of the lowest average rent for one and two-bedroom properties.
Rentals.ca Content Director Paul Danison says the region is in a perfect position to take advantage of a wide variety of sectors brimming with work.
“The industries there of agriculture, lumber, oil and gas. And now, the emphasis on entrepreneurship and the low sales tax.”
Provincially, Grande Prairie is the second least expensive town surveyed, above only Red Deer in terms of affordability and rate of growth. The city has seen only a $20 uptick in rent in the last 6 months on average.
Danison says he can’t imagine the trend will reverse quickly, as the vacancy rate continues to sit around 3 per cent, which doesn’t usually cater to big spikes in price.
“You’ve got a low median age there. It’s an amazingly desirable place to be for someone who wants to start a business. It seems like Grande Prairie has got to be Canada’s best-kept secret.
The only three cities lower in average rent are Red Deer, London, Ontario and Quebec City.