May numbers are in and it appears rents have increased an average of $40 for a two bedroom apartment in Waterloo region's three cities.
That's a seven per cent increase, in line with inflation which in Ontario was 6.9 per cent last month.
Popular rental aggregator Rentals.ca has released its latest numbers tracking the highest rental prices across Canada, and the latest average rental prices place Kitchener two spots higher in the 35-city, cross-country list of cities with the highest rents.
Kitchener data on the site includes rental rates from Waterloo and Cambridge.
This area now ranks 11 on the list of the most expensive cities in Canada to rent, with the average one-bedroom apartment going for $1,839, an increase of eight per cent since the last report.
Locally, Guelph ranked higher, coming in at seventh most expensive city for rentals in May with the average cost of a one bedroom at $1,950 and a two bedroom at $2,156.
The average monthly rent in May for a one bedroom apartment in Guelph was up 19.6 per cent and 12.9 per cent for a two bedroom.
Toronto saw a similar increase of 19 per cent for condo and apartment rentals to $2,418 in May.
Vancouver continues to rank as the city with the highest rents. A one bedroom there costs an average of $2,377 a month and a two bedroom costs $3,495.
The average rent for all Canadian properties listed on Rentals.ca was $1,888 per month in May 2022, which represents a year-over-year increase of 10.5 per cent.
This also represents a month-over-month increase of 3.7 per cent, the largest monthly increase since May of 2019.
The data includes single-detached, semi-detached, townhouse, condominium apartments and rental apartments.
The average size of Waterloo region apartments listed for rent on the site is 911 square feet.
