Edmonton’s apartment vacancy rate rose to 3.1% in 2024, driven by growing supply and slower lease-up times, says the Canada Mortgage and Housing Corporation (CMHC) 2024 rental-housing report.

Larger units, particularly two- and three-bedroom apartments, saw the most significant increases in vacancy, while bachelor and one-bedroom units remained in high demand.

Despite increased availability, new-lease rents surged 26.6. Rents for vacant two-bedroom units averaged $277 more than those for occupied units, as landlords maintained higher asking prices in response to demand. Overall, rents for turnover units climbed 5.2%, reinforcing a trend toward tenant retention and lower turnover rates.

In the condominium rental market, vacancy remained stable at 2.1%, while the average rent for a two-bedroom condo rose to $1,466. However, condo units continued to be priced below comparable purpose-built rentals, as landlords sought to attract tenants.

Edmonton’s rental stock grew by 5% over the past year, outpacing historical trends. However, affordability worsened, with only 6% of available units within reach of low-income households—half the proportion from the previous year. Higher vacancies were concentrated in higher-cost units, while lower-cost rentals remained scarce, particularly in the Edmonton Core zones.

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