Average asking rent prices have gone down year-over-year in Guelph for December.
Last month the average rent for a one-bedroom apartment was $2,039. This time last year the average for a one-bedroom was $2,078. Prices were the same year-over-year for a two-bedroom apartment at $2,361.
Guelph ranks 10th most expensive for monthly rental prices in a list of 35 Canadian cities and last year it ranked ninth.
Nearby Kitchener ranked 15th on the list with its average rent for a one-bedroom at $1,866 and $2,222 for a two-bedroom in December.
The rental report was analyzed by Rentals.ca from rent trends across the country and prepared by Urbanation, a property market consulting company.
The falling rent prices are in line with the rest of Canada and mostly in urban centres in Ontario and British Columbia. Ontario’s year-over-year average rent is down 4.5 per cent to $2,350.
“It is a rare occurrence for rents to decline at the national level. This is happening as the key drivers of rent growth in recent years — a strengthening economy, quickly rising population, and worsening homeownership affordability — are beginning to reverse, said Shaun Hildebrand, president of Urbanation, in a press release. “As a result, we can likely expect this trend for rents to continue in the near-term, particularly as apartment completions remain at record highs.”
