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Grande Prairie average rent down year-over-year

It’s cheaper to rent in Grande Prairie than it was this time last year. That’s according to the National Rent Report, which shows average rental prices in the city went up last month, but are downyear-over-year.

According to Rentals.ca and Bullpen Research and Consulting, Grande Prairie was ranked 27th out of 31 Canadian cities when it comes to average property rental prices in July.

It’s reported the local average one-bedroom apartment was posted at $995 per month last month, up from $965 in June, and a two-bedroom landed at $1,193 per month, up from $1,175. In 2019, the average prices for one-bedroom apartments were listed at $1,054, and two-bedrooms at $1,250 during the month of June.

At the provincial level, average monthly rents in Alberta were reported to be $1,228 per month in July. This was an eight dollar increase from the June postings.

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Paul Danison, Content Director for Rentals.ca, says these numbers are gathered from how vacant housing units are being priced by landlords advertising online.

“This is what landlords are charging for units that are vacant, which is a little bit different from what [Canada Mortgage and Housing Corporation] does; they look at the entire stock so their numbers are going to be a little bit lower,” he says. “It gives a little bit better picture to the actual tenant who’s looking for a place to rent, what the actual rents are.”

Since the start of the COVID-19 pandemic, average rents for single-family homes and condominiums in Alberta on the higher end of markets have decreased, respectively, by 14.9 per cent and 11.4 per cent. Inversely, homes and apartments on the lower end of markets have seen a gradual increase. In July, lower-end properties saw an average increase of 5.8 per cent.

Ben Myers, President of Bullpen Research & Consulting, says during the pandemic, many tenants have begun using their homes and apartments more as multi-purpose spaces as opposed to being a roof over their heads.

“This pandemic has Canadians rethinking their housing needs. For many tenants, their home has gone from simply a place to rest their head, to their home office and day-care space,” he says.

Calgary placed 21st on the list of average prices, Edmonton came 24th, Lethbridge placed 28th, and Red Deer placed dead last with the least expensive rent for one and two-bedroom apartments, despite a month-over-month average rent increase.

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