Guelph is ranked ninth most expensive for monthly rental prices in a list of 35 Canadian cities.
In Guelph the average price for a one bedroom apartment in December was $2,078. This is a 2.1 per cent increase month-over-month.
The average price for a two-bedroom apartment in December was $2,361. This is a 2.1 per cent decrease month-over-month.
In nearby Kitchener the city ranked 13th most expensive for rental prices in December. The average price of a one bedroom apartment in the city was $1,927 and $2,359 for a two bedroom apartment.
The December rental report was analyzed by Rentals.ca from rent trends across the country and prepared by Urbanation, a property market consulting company.
“The rate of rent growth in Canada was stronger than expected in 2023, mainly due to a surge in non-permanent residents, a resilient economy, and a sharp pullback in home buying activity,” said Shaun Hildebrand, president of Urbanation, in a press release.
“While rents are expected to continue rising in 2024, there should be less upward pressure on the market this year as demand increases at a somewhat slower speed and more supply is added,” Hildebrand continued.
The average asking rent price for all property types in Canada saw an increase of nine per cent in 2023.
