Explore Alberta’s 2024 rental market trends with expert insights on rising rents and tighter vacancy rates. Plan your next move with confidence in Edmonton and beyond.

According to the latest surveys and forecasts from real estate experts across the country, the vast majority of Canadian cities can expect higher rents and lower vacancy rates in 2024. Next year’s rental market is poised to become even more competitive. Whether you’re in downtown Toronto or suburban Edmonton, tight supply and high demand will likely put upward pressure on rents while giving landlords the upper hand. The days of scooping up a cheap apartment with plenty of vacancies and wiggle room for negotiations may soon be coming to an end in many areas. The good news is there are still some cities and towns predicted to remain affordable, at least for now such as Spruce Grove, St. Albert. Edmonton can be considered for apartments for rent in Alberta. So you may want to prepare accordingly if you’re planning to look for a new place to rent or renew a lease next year. The forecasts suggest it could be a bumpy ride.

Experts Predict Steady Rent Increases in 2024

Experts from across Canada agree that 2024 will likely bring higher rents and lower vacancy rates for most cities. According to a survey of property managers and real estate analysts, rents are expected to increase an average of 3-5% nationwide. Some of the cities projected to see the biggest jumps are:

• Vancouver: Rents increased over 7% in 2022 and are forecast to rise another 5-7% in 2023 due to strong demand and lack of supply. New rental projects have been slow to materialize, putting pressure on the market.
• Toronto: Canada’s largest city will likely see rent hikes of 4-6% due to population growth outpacing new housing. Vacancy rates are at record lows, giving landlords more leeway to raise prices. New purpose-built rentals can’t come online fast enough.
• Montreal: Rents went up nearly 9% in 2022 and increases of 3-5% are anticipated for 2023. Montreal remains an attractive, affordable city, drawing new residents from across Canada and abroad. Limited rental stock and zoning restrictions constrain new development.

Smaller cities, such as Alberta, won’t stay unaffected but with as little as 2% or less. While higher housing costs are difficult for renters, some relief may come from rising interest rates, which could slow demand and stabilize rent growth toward the end of 2024. For now, though, budgeting for moderately higher rent and planning your next move carefully are probably your best