Supplied – Kurt BauschardtWhen it comes to renting an apartment, there’s no Alberta advantage.
A recent report from the Canadian Rental Housing Index found that Alberta has the highest residential rental rates in the country. An average provincial rent of $1,249 for a two-bedroom apartment, coupled with the fact that 18.8 per cent of households spend over 50 per cent of their income on rent, has led the index to conclude that Alberta’s real estate market is entering an “affordability crisis.”
Martin Rong, the President of the University of Alberta’s Real Estate Committee, a student group which provides insight to the role of the real estate industry in life, business and the community, doesn’t find this surprising.
“When you look at Alberta, you have to look at (many) other markets, Edmonton and Calgary are two big ones,” Rong said “(But) the rental rate for a two-bedroom apartment (in Fort McMurray) is over $2,000, so when you take that into consideration, it’s not too surprising.”
The index, which uses data collected by Statistics Canada, highlighted that the affordability housing crisis appears to be more acute in suburbs than in urban centres. Strathcona County and St. Albert, for example, are on average two of the top 10 highest rent communities in Canada.
Since 2009, Alberta has seen a 60 per cent increase in the amount of loans granted to post-secondary students, as reported by media reports earlier this year.
When asked what the implications of rental rise may be for U of A students, Rong said that though students have to consider it in their budget, the annual increases have not been substantial enough to warrant immediate concern
“Of course, the apartment rentals around the university are really expensive,” Rong said. “You’re looking at around $1,600 to over $2,000.
“(Students should) consider moving a little further away. With the new LRT line, it’s going to be a lot more convenient for students.”
The U of A differs from many universities in Canada in that it doesn’t have an official off-campus housing registry. Instead, students are referred to newspaper rental listings and websites including Renting Spaces, Kijiji and Craigslist.
“I can see the U of A putting more effort into affordable housing, but a big part of that goes into your personal budgeting as well,” Rong said.
“I think the U of A does a pretty good job with (teaching) how to create a stable budget.”
Hannah Siu, a student at the Alberta School of Business who rents an apartment in Old Strathcona, said she thought the U of A needs to improve its affordable off-campus housing options for students.
“For students, there needs to be a platform where they can learn what kind of options they have, especially students who are not from Edmonton,” Siu said.
“There are definitely opportunities — we just have to create them.”
