Rental rates in Cambridge have been steadily climbing over the past few months with two-bedroom units nearly reaching $2,500 a month.
According to the popular rental website Zumper.ca, rentals across the board are up compared to last year with the average price to rent a house at $2,675.
Cambridge is also 13 per cent higher than the national median average for rents.
Kitchener and Waterloo are similar to Cambridge with rents for two-bedrooms reaching close to a monthly cost of $2,500.
All three municipalities are in top 20 most expensive places in the country.
A rising accommodation in the city has been rooming houses or shared rooms. Some units are renting in Cambridge for $400 to $800 a month just for a space in a room.
According to the March 2024 rental report by rentals.ca, the number of listings for shared accommodations tracked in four provinces in Canada surged 72 per cent in February compared to a year ago.
For $600 this basement room is available in Cambridge and is described as "spacious" at 80 sq. ft. Renters can also bring in more people to the room for a discounted rental rate of $400 a month.
Another home on Linden Drive is listed for $700 a room plus utilities in a four-bedroom house. The ad notes the other rooms are occupied by working professionals and is a 10-minute drive to Conestoga College Doon Campus.
For full apartments, this two-bedroom on Woolley Street is going for $2,260. According to the listing the property was built in 2021 and includes on-site laundry, bicycle storage, storage lockers and surface parking.
Three-bedroom units are also up seven per cent compared to last year with an average price of $2,760.
A three-bedroom townhouse on Pinebush Road costs $2,698 a month for 1,580 sq. ft. of living space.
According to rentals.ca, the asking rents for all residential property types in Canada averaged $2,193 in February, increasing 10.5 per cent year-over-year. This marks the fastest rate of annual growth since September 2023.
"Compared to two years ago in February 2022, just before the start of interest rate hikes by the Bank of Canada, average asking rents in Canada have grown by 21 per cent or $384 per month," read the report.
