When asked about current rental prices in Halifax, Shamar Bennett was shocked.

Bennett said, "I couldn't believe it. I thought to myself, 'Wow, where do they think that money is coming from? We're all students.'

The Dalhousie University student hails from the Northwest Territories and says he and his roommates are paying $1,200 each for a room in their apartment.

A recent survey conducted by Rentals.ca and Urbanation showed that the average rental prices increased by 5.9 percent nationwide compared to this time last year.

David Izekoff, the senior analyst at Rentals.ca, said this represents the slowest annual growth rate in nearly three years.

Izekoff added, "As we move past the peak of summer, we have seen very little of the rise typically expected with the warmer months." "However, with the cooler weather and shorter days, rental demand usually slows, which could lead to a slowdown in rental growth in the market."

In Halifax, it's a different story. Rents continue to rise above the national rate that has been trending over the past 24 months.

The average price of a one-bedroom apartment in Halifax is $2,050, which is an increase of 10 percent from last year at this time. The cost of a two-bedroom apartment has risen by 18.2 percent to $2,669.

The population of Nova Scotia has recently increased, with the latest estimates indicating that the population is around 1.07 million people.

There are signs that population growth is slowing, but there is still a shortage of available housing in the market.

Giacomo Ladas, the head of communications at Rentals.ca, said, "Halifax is bringing a record new supply to the market, but when the vacancy rate is at one percent, which is very low and very late, and with ongoing interprovincial immigration adding more demand, we need to see sustainable supply entering the market."

The province estimates that the Halifax Regional Municipality (HRM) needs to build 7,000 new housing units annually and add another 38,000 units by 2027.

Reaching this target has been a climb for the HRM. The city approved 6,374 housing units for development last year. This is close to the target, as nearly 3,500 units have been approved this year with another 3,200 units awaiting approval.