Rent prices for a one-bedroom in Guelph have dropped slightly, but the Royal City is still among Canada's most expensive cities when it comes to renting an apartment.
The average one bedroom in Guelph was $2,049 in December, down from $2,085 in October. Meanwhile, a two bedroom apartment in December cost an average of $2,319, up from $2,290, according to the latest rentals.ca report.
Compared to last year, average monthly rent in Guelph last month was up by 18.8 per cent for a one-bedroom and 9.7 per cent for a two-bedroom. Month over month, though, the average was down by 1.7 per cent and 1.5 per cent, respectively.
Guelph ranked seventh among 35 cities across Canada with the most expensive rent for a one bedroom apartment, and twelfth for a two bedroom.
“The Canadian rental market had one of its strongest years ever in 2022, more than reversing any weakness experienced during the pandemic," said Urbanation president Shaun Hildebrand in a press release.
"Rental demand is primarily being driven by a quickly growing population that is finding it increasingly more difficult to afford homeownership or find suitable rental housing. Looking ahead for 2023, rents are expected to continue rising, but less heated growth can be expected as the economy slows and new rental supply rises to multi-decade highs."
The report projects rent to increase across Canada by 5 per cent this year as a result of income growth and long-term historical average for rent inflation.
