The average rent in October for a one-bedroom rental unit in Guelph was $ 1,766, while a two-bedroom unit was $ 2,115.
Rental rates continue to rise in Guelph, according to the November National Rent Report.
In October, the report ranked Guelph the ninth most expensive city out of 35 with an average monthly rent for one-bedroom at $ 1,766 and two-bedroom at $ 2,115 for all property types.
The Guelph average month-over-month rent is up 3.5% for a one-bedroom house and 5.3% for a two-bedroom house. Year over year, the rent rates for each are up 11.3% and 10.2%.
A press release on the report explains that rising rents are affecting all types of properties across Canada after steady increases since 2020. For all types of properties, the average rental rate is up 1.6% from year over year to reach $ 1,800.
On a monthly basis, the rent was up 1.8%, or $ 31, from a month ago.
Apartment prices are also increasing in several cities in the province. The release points out that tenants paid about $ 260 more in rent in October to move from a studio to a one-bedroom apartment. For a two-bedroom apartment, renters paid an additional $ 320 for the upgrade.
However, comparing the last three October to this year, the release says one-bedroom suites are at their lowest point in the four-year period. He adds that while the rates for the two-bedroom suites are higher than in 2018, they are lower than the monthly rate for 2019.
The National Rent Report was produced by Rentals.ca and Bullpen Research & Consulting. Ben Myers, president of Bullpen Research & Consulting, says the rental market continues to see increased demand and higher rent levels as the country returns to normal after the pandemic.
“Most major cities in Canada have seen rent cuts of 5% to over 15% around the same time last year, but most of these markets are now up 2% to 5% since then,” therefore still well below 2019 market highs, “Myers said in the release.” The domestic market could exceed these peaks in 2022 with strong growth expected. “