The average rent in Canada is on the rise and Guelph is no exception.
The average asking rent for all Canadian properties listed on Rentals.ca in June grew by 0.7 per cent after rising 2 per cent month over month in May, according to Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report.
Rent in Canada increased for the second month in a row, rising to $1,721 per month after six straight months of decline. Guelph finished seventh on the list of 35 cities for average monthly rent in June for a one-bedroom home at $1,678. It was thirteenth on the list of cities for average monthly rent for a two-bedroom at $1,958.
Year over year, average monthly rent for a one-bedroom home in Guelph increased 11.8 per cent in June, and a two-bedroom was up 14.1 per cent. Month over month average monthly rent was up 2.9 per cent for a one-bedroom and 2.6 per cent for a two-bedroom.
“After unprecedented declines during the pandemic, the domestic rental market is in recovery mode with many of Canada’s largest cities seeing rent growth accelerate in June,” said Ben Myers, president of Bullpen Research & Consulting in a press release.
“Unit showings are picking up, vacancies are declining and tenant demand is strong again in major downtown markets. However, it still could take eight to 15 months before most markets get back to their peak rent levels from late 2019.”
Toronto finished second on the list for average monthly rent in June for a one-bedroom home at $1,836 and for a two-bedroom at $2,502. Year over year, average monthly rent for a one-bedroom in Toronto is down 11 per cent and seven per cent for a two-bedroom.
Kitchener came in 19th for average monthly rent in June for a one-bedroom home at $1,507 and 21st for average monthly rent for a two-bedroom at $1,727.
Year over year, average monthly rent for a one-bedroom home in Kitchener increased 11.1 per cent in June, and a two-bedroom was up 3 per cent.Although not on the list, Waterloo average monthly rent for a one-bedroom home in June was $1,305, and average monthly rent for a two-bedroom was $1,726.
Single-family homes have experienced the sharpest increase in average monthly rent since the start of 2021, from $2,214 per month to $2,553 per month, up 15 per cent.
The report suggests that tenant demand is expected to pick up as Canada begins to open. It says larger rent increases are expected in 2022 when most COVID restrictions are lifted.
On a national basis, large units continue to outpace small units in terms of rent growth as many tenants anticipate working from home longer, while others expect the move to remote work is permanent.
