It can be fun to rent an apartment — it gives you more freedom, comfort, and an easy way of life. Even though the real estate market is unstable right now, Alberta has a lot of condos for renters to choose from.

However, it is important to be careful when renting an apartment so that you can find one that fits your wants and tastes. There are a couple of things to think about when renting an apartment so you can make the right decision. Keep reading to stay informed.

Rent Prices

A new report from Rentals.ca on rent prices from May 2024 says that Calgary has the highest rents in the state. In Calgary, a one-bedroom apartment costs $1,733, and you will need to pay approximately $2,140 for a two-bedroom apartment.

With these numbers, Alberta is still thought of as cheap when you look at how much a one-bedroom apartment costs in Vancouver ($2,671) or Toronto ($2,479). In Edmonton, a one-bedroom apartment costs $1,367, and the price for a two-bedroom apartment reaches $1,690. In Lethbridge, the rates are $1,181(one-bedroom apartment) and $1,392 (two-bedroom apartment). Even though rents in Alberta are much lower than those in B.C. or Ontario, they are going up.

Nevertheless, it is still worth applying for Alberta PN as living in this state is still pretty cheap compared to other parts of Canada.

Vacancy Rates in Alberta

The vacancy rate is the share of all empty or unused rental units in Alberta that are available at a given time. About 3% is a good availability rate for renters in Alberta. This is because it generally means lower rent prices for newbies renting in Canada, but this doesn't always happen. The vacancy rate in Alberta is going down because of immigrants and movement between provinces. This is bad news for newbies because it means higher rent prices. In fact, the general drop in the national vacancy rate shows that all of Canada's rental markets are becoming more competitive.

House Prices in Alberta

Population growth is the main reason why house prices are going up in Alberta for people who want to buy a house. The WOWA Market Report Summary for April 2024 says the following:

• Alberta's average home price was $513,600, which is 9.3% more than the same time last year.
• The average price of a home has gone up by 8.1% in a year, to $499,505.
• Since last year, Calgary's average home price has gone up by 11%, to $608,415.
• The average home price in Edmonton went up by 5.6% from one year to the next, reaching $431,387.
• Last year, the average home price in Red Deer was $378,775; this year, it rose 5.0%.
• The average price of a home in Lethbridge went up by 11% from one year to the next, reaching $373,176.
• The average price of a home in Medicine Hat went up by 0.5% year-over-year to $337,972.
• The average home price in Fort McMurray dropped by 3.7% from one year to the next, reaching $348,886.

This year, the Calgary Real Estate Board said there was a record-low number of homes for sale, with a stock of just over one month. There were 3,092 home sales in Calgary in May 2024. Still, compared to other parts of Canada, living in Alberta is still pretty cheap.

Student Housing in Alberta

Many of Alberta's colleges and universities have different housing programs for their students, and some even let families live on campus. On the other hand, there is a high demand for rental housing across the area from both local and foreign students. For example, the apartments at the University of Calgary were full in September, and there were almost 750 students on the waiting list. Another full school is the Southern Alberta Institute of Technology. There is a waiting list of about 100 people.

It is important to consider that the living options on campus change from school to school. So make sure you ask your school about their living programs and when the entry dates are for international students. If you live off-campus, your school can also help you find a place to live.

Living in Alberta

You'll need a job or money to pay for the place you want to rent in Alberta. A new survey from Statistics Canada's Labour Force showed that Alberta's unemployment rate rose from 7% the previous month to 7.2% in May 2024. In May 2024, the national jobless rate was 6.2%. The minimum wage in Alberta is $15 an hour, and the government has not said when it will go up. ZipRecruiter says that the average pay in Alberta is $50,631 a year, which is $24 an hour. This should provide a solid foundation for comfortable living in the area.

Final Say!

There are many good reasons to relocate and search for an apartment for rent in Alberta. Although there are many nuances to be aware of, compared to other parts of Canada, living in Alberta is still pretty cheap. We do hope that the above information will help you keep all the important nuances on your radar.