A new report has found that rental housing prices saw an annual increase of 15.4 percent in September 2022, reaching an average of $2,043, marking the highest annual increase in average rent since April 2019, according to the latest National Rent Report, compiled by Rentals.ca and Bullpen Research & Consulting. Rents in September across Canada were also 4.3 percent higher than the previous month, the highest monthly increase since Rentals.ca began publishing its reports in 2018. The report attributes this recent increase to the recent completion of new purpose-built rental apartments with larger and more expensive units, in addition to significant increases in rental demand. Also, Ben Myers, president of Bullpen Research & Consulting, said in a press release: "Rental demand has increased significantly with the continued rise in interest rates, decline in home prices, and post-pandemic changes in preferences." Every province and territory (except Yukon and Nunavut, which were not included in the analysis) saw an increase in average rent in September 2022, where the highest increases were seen in Nova Scotia, with the average rent rising to $2,453 across all property types, an increase of 35.5 percent year-over-year. Similarly, the average rent in British Columbia was $2,682, up 31.2 percent, while the average rent in Ontario rose 18.4 dollars to $2,451. The cheapest rents can be found in Saskatchewan, where the average rent was $1,069 in September, while Quebec and Manitoba saw the smallest annual increases in average rent, with the average rent increasing by only 4.7 percent in both provinces. Vancouver was the most expensive city for rent, with a one-bedroom apartment listed at an average of $2,590 in September. This was followed by Toronto, where one-bedroom rents were $2,472, and Burnaby, where the average one-bedroom rent is $2,292. Similarly, London, Ontario, saw the largest increase in average rent, with the city’s average one-bedroom apartment rent rising by 38.8 percent in just one year. Calgary saw an increase in average one-bedroom rent of 29.0 percent, making it the city with the second-highest increase. However, despite the increases, Calgary still ranks twelfth among the cheapest rental cities out of 35 communities across Canada included in the analysis. While cities around southern Ontario and British Columbia had the most expensive average rents, prairie cities were among the cheapest, with the cost of a one-bedroom apartment in Saskatoon averaging $980, making it the cheapest rental city there. Laval, Quebec, was the cheapest city outside the prairies, with an average rent of $1,362 for a one-bedroom apartment. However, the report says there are indications that the rental market may cool, pointing to data that showed page views per listing on Rentals.ca have decreased. The report also notes that rental demand is seasonal and usually lower from November to February.