Rentals in Cambridge are on the rise once again with no end in sight according to rental experts.
According to a report by the popular rental website Rentals.ca, rents all over the country are up with Cambridge also seeing significant gains.
Out of 35 cities, Cambridge landed in the middle at 16 for the highest average monthly rent in May for a one-bedroom at $1,953 and at 18 for average monthly rent for a two-bedroom at $2,350.
Year-over-year, average monthly rent in May for a one-bedroom in Cambridge was up 11 per cent but down 0.8 per cent for a two-bedroom.
Around the region Kitchener scored similar to Cambridge with $1,913 for a one-bedroom and $2,370 for a two-bedroom. Waterloo is listed as the cheapest place in the tri-city for a one-bedroom with costs at $1,643.
"Higher rents are on the horizon with interest rates at a 22-year high, rising home prices and record immigration," said Matt Danison, CEO of Rentals.ca.
Danison calls Gen Z the boomerang generation, because with the continuous rise in rental prices they are likely to be moving right back in with their parents.
He adds that most people will be splitting rent with someone else as affording rent alone is becoming increasingly difficult for many Canadians.
Other experts such as Shaun Hildebrand, president of Urbanation, a real estate insight group, are calling for prices to skyrocket, putting home ownership further out of the question for many.
“The rental market is expected to heat up further as it enters the seasonal peak for demand during the summer months, driven primarily by an incoming surge in international students and continued deterioration in home ownership affordability as interest rates move higher again," said Hildebrand.
With rental prices for a one-bedroom in Cambridge nearing the $2,000 mark, Danison calls on government officials to enact real change by implementing creative solutions to the housing crisis.
