In October, the report ranked Guelph as ninth most expensive out of 35 cities with average monthly rent for a one-bedroom unit at $1,766 and a two-bedroom unit at $2,115 across all property types.
Guelph's average rent month over month is up 3.5 per cent for a one-bedroom home and 5.3 per cent for a two-bedroom. Year over year, the rent rates for each are up 11.3 per cent and 10.2 per cent.
A release about the report explains the rise in rent is affecting all property types across Canada following steady increases since 2020. Across all property types, the average rental rate is up 1.6 per cent year over year to $1,800.
Looking month over month, rent increased by 1.8 per cent, or $31, over last month.
Apartment rates are also increasing in a number of cities across the province. The release points out that tenants paid about $260 more in rent in October to go from a studio to a one-bedroom apartment. For a two-bedroom apartment, tenants paid an additional $320 to upgrade.
However, comparing the past three Octobers to this year, the release said one-bedroom suites are at their lowest point over the four-year period. It adds while rates for two-bedroom suites are higher than in 2018, they are below the 2019 monthly rate.
The national rent report was written by Rentals.ca and by Bullpen Research & Consulting. Ben Myers, president of Bullpen Research & Consulting, says the rental market continues to see increased demand and higher rent levels as the country returns to normalcy from the pandemic.
"Most of Canada’s major cities experienced rent declines of 5 per cent to over 15 per cent at this time last year, but most of those markets are now up 2 per cent to 5 per cent since then, so still well below 2019’s market peaks," says Myers in the release. "The domestic market could exceed those peaks in 2022 with continued strong growth expected.”
