Guelph is ranked the 10th most expensive for monthly rental prices in a list of 35 Canadian cities.
In May the average cost of a one-bedroom apartment in Guelph was $2,095. For a two-bedroom Guelph is 15 th on the list at an average monthly rent of $2,454.
Year over year, in May the average monthly rent in the city is up 26.9 per cent for a one-bedroom apartment and up 13.8 per cent for a two-bedroom apartment.
The average annual rent for condo and apartment rentals in Guelph is up 19 per cent.
The May rental report was analyzed by Rentals.ca. The website analyzes rent trends across Canada. The report was put together by Urbanation, a consulting company focused on property market reports.
"Higher rents are on the horizon with interest rates at a 22-year high, rising home prices and record immigration," said Matt Danison, CEO of Rentals.ca Network, in a news release.
"Gen Z could become the 'boomerang generation' moving back in with the parents or the 'roommate generation' splitting rent as it's unaffordable for many Canadians to pay rent on their own. Governments at all levels need to come up with creative solutions to increase housing supply,” said Danison, in the release.
