As rental prices climb in the Royal City, for an individual have their own "affordable" one-bedroom apartment they will need to make a minimum of $5,763 pre-tax per month.
The costs of rental units in Guelph jumped significantly from January, up 6.2 per cent month over month, according to popular rental website rentals.ca.
An average one-bedroom unit is going for $1,729, while an average two-bedroom unit will cost renters $2,112 per month.
Rentals.ca found Guelph is still among the top 10 most expensive rental locations in Canada, taking ninth place, sandwiched between Barrie in eighth and North York in 10th.
The Canada Mortgage and Housing Corp. classifies a unit as affordable if it costs less than 30 per cent of the household’s before-tax income - which means the pre-tax take-home salary needed to afford a one-bedroom apartment in Guelph needs to be a minimum of $69,160 of those living there.
For the average two-bedroom unit, a monthly pre-tax income needs to be $7,040. To afford a two-bedroom unit using the same 30 per cent adage, the household income would need to be $84,480 pre-tax.
If the renter has a roommate or partner splitting the rent, it would mean each person needs to make a minimum $3,520 per month or $42,240 per year.
Vancouver, with an average one-bedroom monthly rent of $2,239 and two-bedroom rent of $3,050, topped the list of most expensive places to rent, followed by Toronto with a one-bedroom rent of $2,044 and two-bedroom rent $2,778. Third was Burnaby, B.C, with a one-bedroom rental of $1,979 and two-bedroom rentals of $2,398.
The average monthly rental rate has experienced annual increases for six consecutive months.
Over the last five months, annual increases have ranged between 1.6 per cent in October 2021 and 6.2 per cent in February 2022.
“After consistent decreases throughout 2020 and most of 2021, this is a clear indication that the average monthly rental rates are recovering as the country moves forward in the post-vaccine pandemic era,” the report reads.
