The average monthly rent in September for a one bedroom apartment in Guelph is up 20.3 per cent year over year.
The average rent price for a one bedroom in Guelph in September was $2,052 and a two bedroom at $2,268.
Guelph is up 12.9 per cent year over year for a two bedroom apartment.
In a list of 35 Canadian cities Guelph ranked eighth most expensive for rent, according to Rentals.ca in the National Rent Report from Bullpen Research & Consulting. The information is based off of monthly listings on Rentals.ca.
In nearby Kitchener, the city ranked 14 on the list at an average rent price at $1,888 and two bedroom at $2,308.
Running behind Kitchener is Hamilton at 21 out of 35 cities.
In August the average cost of a one bedroom was $1,683 and $2,155 for a two bedroom in Hamilton.
Waterloo was the second highest ranked city in Ontario for popularity based on page views for rentals.
“The 4.3 per cent increase in average asking rent from August to September is the largest monthly increase since Rentals.ca and Bullpen Consulting began publishing this report in 2018,” said Ben Myers, president of Bullpen Research & Consulting in a press release.
“Part of the increase is attributable to larger units on the market, and high-end building completions adding expensive listings, but rental demand has increased significantly with the continued interest rate hikes, falling ownership house prices, and changing post-pandemic preferences," he said.
