Rent affordability is a major concern for many urban dwellers, especially in Calgary and Edmonton. Housing costs can consume a significant portion of a household’s budget, making it crucial to understand the factors affecting rental prices in these cities.
Calgary: The Heart of the Energy Sector
Calgary is known for its vibrant energy sector, stunning parks, and cultural events. Each neighborhood in the city has its own character and amenities. However, the cost of living in Calgary can be high, especially housing costs. According to the October 2021 Rental Market Report by Canada Mortgage and Housing Corporation (CMHC), the average rent for a two-bedroom apartment in Calgary was $1,319, which is higher than in Edmonton, where the average rent for the same type of apartment was $1,150.
Edmonton: Capital City of Alberta
Edmonton is the capital city of Alberta and boasts a thriving arts and culture scene, including the West Edmonton Mall, one of the world’s largest malls. While housing costs in Edmonton are generally lower than in Calgary, the cost of living can still be a challenge for some. As per CMHC’s report, the average rent for a two-bedroom apartment in Edmonton was $1,150.
Several factors determine the cost of housing in these cities, with the location of the property being a significant factor. Apartments in popular neighborhoods or close to amenities like transit or shopping centers tend to be more expensive. Additionally, the type of dwelling can also affect the price.
Impact of COVID-19
The COVID-19 pandemic has influenced the rental market in Calgary and Edmonton, leading to fluctuations in rental prices due to the rise of remote work and the subsequent shift in demand for rental properties. It’s vital to stay updated with current market conditions and trends before deciding to rent.
Affordable Housing Options are Available
Though the cost of living in these cities can be high, there are ways to find affordable housing options. Some tips include researching different neighborhoods, considering alternative types of housing like basement suites or room rentals, and negotiating rent with landlords. You can also split your rent with a flexible solution like Zenbase, which pays your full rent at the beginning of the month while you make two payments back to them throughout the same month.
Philipp Postrehovsky | Zenbase COO
Philipp is a marketing leader, brand builder and product visionary who has been involved in the fintech scene for over 17 years. In 2013 he co-founded RentMoola, which continues to be one of North America's leading fintech companies with the mission to eliminate the rent cheque and modernize rent collection for the enterprise. Before that, he was a marketing leader for Mogo Technologies, Wonga Canada and began his career at Electronic Arts. Most recently he was SVP, Marketing at Progressa and VP, Digital Marketing at goeasy. He founded Grind For Kids, a program that raised over $1 million for BC Children’s Hospital Foundation and is a mentor to new entrepreneurs.