U of G residence waitlist creates 'perfect storm' for surging rental prices
It’s likely to be an expensive summer for anyone entering Guelph’s rental housing market.
With an already scarce supply, and potentially hundred more unexpectedly entering the market, an expert told CTV News it a “perfect storm.”
“Guelph already has one of the historically tighter rental markets, so it’s not as through we have a broad availability of rental supply in the city.” said Tyson Hinschberger, Guelph real estate broker and former president of the Guelph District Association of Realtors.
The catalyst of the storm was an announcement from the University of Guelph this week that 1,300 hundred students would be put on waitlist for first year residence.
It’s a situation that has happened before. In 2022 Guelph had waitlist of around 200 people. Hinschberger said he saw the market jump that summer.
“You had people lined up out the door for rental properties, the rents overnight went from $800 per room, which was already exorbitantly high, to over $1,000 per room in some cases,” said Hinschberger.
This summer Hinschberger expects more of the same.
“We’re projecting that student rents per room can go anywhere from the $1,000 range to $1,250 per room range, so again that’s a 20 per cent jump,” he said.
While it will be hard to make a significant increase in the rental supply, more property owners are looking to get into the market.
“The scrambling is definitely happening even on properties that aren't student oriented. We're getting leads from people looking to provide student rentals or turn it into a student rental, our property management contact are getting overrun looking for what can be done,” said Hinschberger.
Guelph mayor ‘quite disappointed’
The mayor of Guelph is expressing his disappointment with the fall semester housing options at the University of Guelph.
Mayor Cam Guthrie released a statement sharing his concerns over the available residence options. He said he is worried about what may happen if solutions are not immediately found.
“Not only for the impacts to first-year students but to the greater Guelph community with the planned over-recruitment tactic employed by the university,” Guthrie said in his online statement.
More than 7,000 new students will become Guelph Gryphons this September but the university only has 5,050 residence spaces currently available.
Guthrie said this will lead to considerable and compounding ‘ripple effects’ for the community for years to come.
“It’s completely unacceptable,” he said online.
Guthrie is calling out university leadership, asking them to actively participate in finding solutions.
Earlier this week, the University of Guelph said they’re facing significant financial pressures that’s forced them to expand enrollment. They also said they understand why many people are expressing their concern about the situation.
“We recognize that people are frustrated and upset. We are doing our best to get as many students into residence as we can, and then provide other supports where we can for those students who don't get into residence,” explained Gwen Chapman on Tuesday, the university’s provost and academic vice-president.
CTVNews.ca Top Stories
Trump's Madison Square Garden event features crude and racist insults
Donald Trump took the stage Sunday night at New York’s Madison Square Garden to deliver his campaign's closing argument with the election nine days away after several of his allies used crude and racist insults toward U.S. Vice-President Kamala Harris and other critics of the former president.
B.C. election results: Mail-in ballots heavily favour NDP, only absentee ballots left to count
The majority of mail-in ballots tallied this weekend for the final count in B.C.’s nail-bitingly close 2024 provincial election went to the NDP, increasing the party’s chances of clinching a third term.
Here's when you need to change your clock back
Millions of Canadians will notice their clocks turn back by one hour on Nov. 3, marking the end of daylight saving time this year.
New polls show Sask. NDP leading over Sask. Party ahead of election day
A pair of new pre-election polls indicate that the Saskatchewan NDP has a slight lead ahead of election day.
17-year-old charged for driving 188 km/h on Hwy. 417 in Ottawa
A 17-year-old Ottawa driver was caught speeding nearly 90 km/h over the speed limit on Highway 417.
Hollywood star Victor Garber gets emotional after surprise meeting with his former teacher in London, Ont.
Victor Garber got teary-eyed when he walked into a brunch in his honour Sunday in London, Ont.
Another bumpy week ahead as Trudeau faces deadlines from Liberal MPs, Bloc
Another week, another raft of imminent challenges to Justin Trudeau's leadership of both the country and the Liberal Party.
He lost a finger and survived a kidnapping. Then, this climber took on a 9,000-foot 'death-trap'
With jaw-dropping big wall ascents and a life packed with adrenaline and adventure, climber Tommy Caldwell has had a career worthy of – and captured by – a feature film.
How to make sure your used clothes go to the right place – and not to organized crime
Giving away used clothes for a second life feels like an act of charity – and it often is. But it’s become more complicated. A W5 investigation has discovered allegations that organized crime players are muscling in on charities to access their donation bins.