Rents in London grew at the fastest pace in the country over the past year, according to the latest rental market reports from across Canada. The average rent for a vacant one-bedroom unit in the city was $1,810 in September, while the average price for two-bedroom apartments was $2,184. Including apartments and other types of rental properties, the average rents in the city rose by 33.1 percent over the past year, according to data collected by Rentals.ca, which landlords use to advertise their properties. London was followed in ranking by Toronto, which saw rent gains of 31.2 percent, and Vancouver at 29.3 percent. Likewise, rents rose nationwide over the past year in almost all markets analyzed by Rentals.ca. Also, six cities saw annual rent increases of more than 20 percent, while nine other markets also experienced double-digit increases. In the same context, Ben Myers, head of Bullpen Research and Consulting, the company processing Rentals.ca data, said: "Part of the increase is attributed to larger units in the market and the completion of high-end buildings that add expensive listings. However, demand for rentals has significantly increased with continued rising interest rates, falling house prices, and changing preferences after the pandemic." Rents in London have steadily increased over the past several years, due to limited supply during a period of significant population growth in the city, with the London area population growing by 10 percent between 2016 and 2021, the fastest rate in Ontario, according to the latest census data. Additionally, the COVID-19 pandemic accelerated migration to the city, with people who can work from home or who were seeking larger spaces amid lockdown orders moving to the city in large numbers due to relatively affordable home prices and rents. But while high interest rates may lead to lower home prices, the higher mortgage payments that come with rising rates force aspiring homeowners to rent for longer, reducing the already tight supply of rental units. Christopher Alexander, president of Re/Max Canada, said, "Affordability is the main issue in the housing market today," adding: "Rising interest rates have gradually eroded purchasing power, and despite declining home values and cold market conditions, buying a home is now more difficult than ever."