The price of a rental property in Grande Prairie has dipped again, as the price of a one and two-bedroom unit each saw a significant drop in the month of November.
According to Rentals.ca, the average rent for a one-bedroom in the Swan City sunk 2.5 per cent in November, with a two-bedroom unit declining 6.6 per cent in the same time frame. Year over year, the average cost of a month of rent is 4.3 per cent lower for a one-bedroom and 7.4 per cent for a two-bedroom.
Rentals.ca Content Director Paul Danison says for the next little while at least, the lowering trend looks to continue. He adds the uptick in rent may not be until sometime well into the middle, or end of 2021.
“Rents go down anyway in the winter because people don’t move as much with a lot of snow around,” he says.
“You start to look at the spring, I think people will start to be thinking of moving again, jobs may come back, and slowly but surely as we hit the fall, rents will start to creep up as people start to get out and do things again.”
Danison adds that the prediction of a three per cent rise in rent by the end of 2021 across Canada remains in place, and if it does turn out to be true, it may be beneficial for those looking to move out, or up, to strike while the iron is hot.
“I think there are more places out there to rent, and the rent is cheaper, so you can probably get a better deal if your lease is up or you have to move than what you’re going to get down the road.”
