A new report says the average asking price for a rental unit in Canada reached $2,178 last month, a 9.9 percent year-over-year increase, and continuing a trend that has seen asking rents hit new highs for six months in a row.

The data released by Rentals.ca and Urbanation, which analyzes monthly listings from the former’s network, shows that while October’s annual rate of rent growth in Canada was down from the 11.1 percent jump in September, it still marked the second fastest annual increase of the past seven months.

The average cost of a one-bedroom unit in October was $1,906, up 14 percent from the same month in 2022, while the average asking price for a two-bedroom was $2,255, up 11.8 percent annually.

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