Spike in demand for post-secondary residences amid rent increases

LETHBRIDGE -

The latest rent report from Rentals.ca shows new listings for a one-bedroom in Lethbridge now average $1,402 a month, up 19.5 per cent from this time last year.

One of the biggest reasons behind that increase is more people coming to Alberta.

"As we know, interprovincial migration is extremely high, especially to the province of Alberta. It broke a national record in 2023 with a net gain of over 55,000 coming to that province from other areas across Canada," said Giacomo Ladas, Rentals.ca associate director of communications.

That sharp increase has forced many students to find ways to save.

The University of Lethbridge's residence units are practically full a month ahead of move-in.

Their residence fees average around $4,000 a semester, depending on the unit.

"We do have a wait list and we're actually pretty full. So if there's anyone that's looking to come to campus now, it's probably a little too late. We're seeing a lot of students inquiring mainly because rent off-campus is quite expensive," said Laura Correal, housing services associate director at the U of L.

Lethbridge Polytechnic has seen a similar rise in demand over the past several years.

There are still some units available but spots are filling up fast.

"Our rent prices are pretty affordable. If you're looking at some of our two-bedroom shared accommodation units, you're looking at around $800 a month including utilities," said Shaelin Westerson-Rabl, Lethbridge Polytechnic residence life co-ordinator.

The influx of people coming to Lethbridge makes summer the most expensive time of year for new renters.

"We are in the peak summer rental season right now. Typically, when the colder weather comes, people are less willing to move, there's usually less units coming to market and sometimes, there's a softening in the rents," Ladas said.

"As well, when first semester starts, there's sometimes a little bit of a softening because there's so many people looking right now to get a suite."

The average Lethbridge rent is still lower than the national one-bedroom average of $1,941.

Prices here rose by far more than the national average of 5.9 per cent.