Red Deer ranked 7th most affordable mid to small city for renters
Published 1:06 pm Wednesday, October 7, 2026
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Red Deerians saw an average annual rent increase of 2.6 per cent for purpose-built and condo apartments in September.
That increase put the city on the list of the 15 fastest growing markets outside the largest six in Canada, according to the latest National Rent Report by Rentals.ca and Urbanation.
Other Alberta communities that made the list were Lloydminster with an 11.6 per cent increase, along with Airdrie (4.6 per cent), St. Alberta (3.6 per cent) and Medicine Hat (1.9 per cent).
But the most affordable markets continue to be concentrated in Alberta, including Red Deer.
Average monthly rent in the city for purpose-built and condo rental apartments was $1,473 last month, the seventh lowest among the top 25 markets outside the six largest.
Fort McMurray ($1,258) took the top spot, followed by Medicine Hat ($1,339), Lloydminster ($1,379), Saskatoon, Sask. ($1,397), Regina, Sask. ($1,400), Grande Prairie ($1,421), Lethbridge ($1,510), Sarnia, Ont. ($1,561), and Windsor, Ont. was in 10th spot at ($1,618).
Other Alberta communities to make the list were Airdrie ($1,699) in 15th place, and St. Albert ($1,839) was 18th.
On an annual basis, apartment and condo rents fell 3.4 per cent in Alberta.
In September, Edmonton saw rents increase 0.2 per cent month-over-month to $1,522, and Calgary had a 0.1 per cent decline to $1,823.
Average asking rent for purpose-built and condominium apartments nationwide was $2,038, down 0.1 per cent from August, and down 3.3 per cent from September 2025.
The average asking rent for all residential properties in Canada was $2,034 in September, down 4.2 per cent year-over-year, marking the 24th consecutive month of annual rent decreases and two full years of annual declines.
“Two straight years of falling rents is the longest downturn the Canadian rental market has seen in recent history. Our research shows supply has been the main driver of this correction, and in key markets like Toronto and Vancouver, new supply is moving past its peak. Both cities have trended higher over the past six months, and annual declines have narrowed significantly as renters come off the sidelines,” said Shaun Hildebrand, president of Urbanation.
“Where Toronto and Vancouver go, the rest of the country follows.”