Guelph is ranked 12th on a list of 35 Canadian cities for most expensive for a one bedroom rental.
The average rent price for a one bedroom in Guelph in March was $1,964. Guelph ranked 16th for most expensive for a two bedroom rental at an average price of $2,362.
Year over year, the average rent for a one bedroom in March, in Guelph is up 8.7 per cent and for a two bedroom up 10.5 per cent.
In nearby Kitchener the city ranked 15th for average monthly rent in March for a one bedroom was $1,925 and for a two bedroom ranked 13th at $2,396.
The average monthly rent for a one bedroom in March, year over year, in Kitchener was up 19.4 per cent up 15.9 per cent for a two bedroom.
The rental report was analyzed by Rentals.ca, it analyzes rent trends across Canada. The report was prepared by Urbanation, a consulting company that focuses on property market reports.
"Spring arrived with a highly competitive rental market in Canada, driven by a record population increase of over 1 million people in the past year and low homeownership affordability after last year’s spike in interest rates,” said Shaun Hildebrand, president of Urbanation, in a press release.
“With supply unable to keep up with current levels of demand, expect further upward pressure on rents in the coming months,” said Hildebrand.
