Right now, only one province has rents rising as fast as Alberta

While average rents have fallen in many parts of Canada, rents in Alberta are rising faster than anywhere else in the country.

Rentals.ca has just released its April 2024 Rental Report, which compares the cost of renting in 35 Canadian cities.

So how do Alberta's major cities stack up?

Calgary, ranked 23rd on the list of 35 cities, remains relatively affordable compared to most of the country, although rent prices have risen rapidly.

The average price of a one-bedroom apartment is $1,707 per month, down slightly -0.3% from last month, but up 8.5% from this time last year.

Edmonton ranks 31st, with only Quebec City, Lethbridge, Regina and Saskatoon having lower rents.

The average price of a one-bedroom apartment in Alberta's capital is $1,339 per month, up 2.1% from last month and a staggering 18.5% from this time last year.

Overall, Alberta maintained its title as the province with the fastest growing rents, posting an 18.3% year-over-year increase in purpose-built and condominium rentals.

Monthly rents across the province rose by 1.2%.

The only other province to see rental prices rise as quickly as neighboring Saskatchewan, where apartment rents rose 18.2% annually. However, despite the increase, rents in Saskatchewan are the lowest in Canada at an average of $1,297.

North Vancouver has earned the title of the most expensive city in Canada for renters, with an average price of $2,704 per month for a one-bedroom apartment. However, the average monthly rent in this city decreased by -0.4%.

The monthly declines were seen in Toronto, Victoria, Mississauga, Halifax, Quebec City and several other cities in Ontario and British Columbia.

Canadians across the country are experiencing rising housing costs. The average rent for all Canadian properties listed on rentals.ca was $2,181 per month in April, up 8.8% from last year.