According to the results of Canada Mortgage and Housing Corporation’s April 2012 Rental Market Survey, the apartment vacancy rate in Edmonton dropped to 2.7% - the lowest level since the spring in 2007 - down from 4.7% last year. The decrease in vacancies came as a result of rising migration into the province and robust job growth.
Lower vacancy rates usually lead to higher rents and this year was no exception; rents for 2 bedrooms units were up 2.2% over last year in Edmonton when comparing the same structures. However, rates were relatively unchanged overall averaging $1036/month for a 2-bedroom unit when they included new structures into the calculation (structures that were not part of the survey in the previous year). I would imagine the new "Mayfair Village" affordable rental building downtown was part of the reason for the discrepancy between existing and new rental rates.