Banff is one of the best places to vacation in Canada. The area has everything you would want from a scenic location, including gorgeous mountain ranges and crystal clear alpine lakes.
With such a tremendous amount of local beauty, it’s no wonder why people would look for Banff homes for sale in order to get a more extended stay or become a permanent resident. However, as you might expect from such a beautiful area, rent prices can get high, especially in the popular areas. So if you’re looking to rent in Banff, how much should you prepare to pay? Here’s what it is going to cost you to rent in Banff.
One of the most commonly available types of rentals in Banff is vacation rentals. Vacation rentals are homes and establishments that are designed to be rented for short periods at a time, typically around a week. Vacation rentals are a great alternative to hotels and allow for a much more personalized stay. With a vacation rental, you have everything you need, effectively allowing you to live self-sustained in a location for a short period of time. However, vacation rentals are expensive, especially in a popular tourist location such as Banff.
Currently, vacation rentals in Banff cost several hundred dollars a night, meaning an extended vacation can cost you quite a bit just for lodging.
Since Banff is such a popular vacation destination, it should be no surprise that many people look to stay in the wonderful area all year round. One of the cheapest options prospective residents can look for is apartment rentals. However, although they may be cheaper than alternative options in the area, renting apartments in Banff is still extremely expensive.
For example, a 2 bedroom 1 bathroom apartment in the area will likely cost in the range of $1,500-$2,000 a month, well above average apartment prices. Additionally, if you plan on having a bigger apartment to accommodate a big family or guests, those prices will only rise.
For those that are looking to live in a home in Banff but can’t afford a down payment or mortgage, a home rental is always an option. Although renting may be cheaper than buying in the short term, you’ll still have to pay several thousands of dollars a month in rent payments. Renting a home is more expensive than renting an apartment, making this one of the most expensive options out there. You also own no property, meaning your rent payments won’t be building ownership unless you have a rent-to-own deal. Despite these drawbacks, renting a home can be a great short-term option for families that might not have the ability to fully purchase a house, yet still need something bigger than an apartment. Analyze your situation and determine which type of rental makes the most sense for the scenario you’re in.