Prices in the region to rent an apartment have gone up steadily from last year.
The prices on popular rental site Rentals.ca have gone up 11.4 per cent for a one-bedroom from April of last year and 17.3 per cent for a two-bedroom.
Kitchener was listed as 13th most expensive for one-bedroom rental prices on Rentals.ca’s National Rent Rankings list and 14th for two-bedrooms.
The average price in April for a two-bedroom in the region is listed at $2,037.
Currently the cheapest option available on Rentals.ca for Cambridge is listed at $1,400 a month for a one-bedroom.
“Average rental rates for single-family homes, townhouses and condominium apartments have experienced strong month-over-month growth as demand increases for higher-end properties,” wrote Ben Myers, president of Bullpen Research & Consulting in a statement.
The National Rent Report tracks all listings on Rentals.ca for 35 cities across Canada in the rental market on a national, provincial and municipal level. It analyzes and tracks monthly, quarterly and annual rates.
“Big city rents are surging with Vancouver and Toronto leading the way. A return to the office, high gas prices, and rising interest rates are all fuelling demand for centrally located rental offerings,” he adds.
“Rental rates overall in Canada have been relatively stable through the first four months of the year, which masks some of the underlying movements.”
The report mentioned that due to inflation and rising gas prices more people are looking for city locations that often provide transit-friendly and walkable urban locations to minimize other expenses.
Nationally, Canada saw a 9 per cent increase in rental prices from April 2021, an average of all Canadian rental properties listed on Rentals.ca.
Ontario was listed as having the second highest average rental rate at $2,093 monthly.
