One expert believes we could see a rise in rental prices in Grande Prairie as we inch towards the summer, but is surprised they have remained as low as they have for as long as they have.
Rentals.ca Content Director Paul Danison says the most recent data shows an average monthly rent for a one-bedroom unit in the city sitting at $883, with the average monthly rent for a two-bedroom at $1,084. That is down from $985 and $1,154 in 2021.
Danison says Grande Prairie has always been on the lower end but compared to what’s going on in other Alberta cities, and has remained an outlier since essentially the start of the pandemic. But, he says the fortune for renters will likely start to shift sooner than later.
“The vacancy rate in February was 12.5 per cent in Grande Prairie, which is really high. It’s probably one of the major things keeping the rent low,” he says.
“I don’t know how it’s not been effected as much recently as the other cities, as they’re starting to really rise rapidly.”
Danison says that rise could be sped up even further if employment like oil and gas becomes more plentiful, and he wouldn’t be surprised to see Grande Prairie rent going back up at least a little closer to the provincial average.
“Unemployment rate is really low compared to Alberta and the rest of Canada, so you’ve got a workforce there and probably more coming,” he says. “Now would be a great time to lock in that lease before rents start to head upwards.”