A majority of major Canadian cities have seen rental prices climb throughout the year, with the average rent for all property types across Canada hitting $2,043 per month in September.
This comes from the latest report from Rentals.ca released in October, which shows rental units across the country have seen an annual increase of 15.4 per cent.
The average rent is now about $100 more than the pre-pandemic peak level from the fall of 2019, according to the report which looked at rental prices from September.
Locally, the average rent for a one-bedroom unit in Kitchener was $1,888 in September – which was an increase of 9.6 per cent from August and a year-over-year increase of 24.7 per cent.
Data from Rentals.ca shows since January of this year, rent for a one-bedroom unit has climbed from $1,537, an increase of $351 per month.
Going back one year to September 2021, the average rent for a one-bedroom unit was $1,514 – a year-over-year increase of $374.
Meanwhile, the average rent for a two-bedroom unit in Kitchener is sitting at $2,308 – an increase from $2,149 in August.
On a year-over-year basis, the average rent for a two-bedroom unit has increased 24 per cent, according to data from rentals.ca.
In January 2022, the average rental price for a two-bedroom unit in Kitchener was $1,886.
Throughout the year, the average rental has dipped some months, however, it has steadily risen, placing Kitchener as the 14th most expensive city in Canada.
“Rent continues to increase significantly both nationally and in Canada’s largest municipalities, growing 15.4 per cent annually. However, this data is slightly skewed because the average unit size for listings on Rentals.ca is larger in September 2022 (963 square feet) versus September 2021 (868 square feet),” the latest report concludes.
The next report, which will cover the average rents in October, is expected to be released later this month.
