A new report revealed that the average asking price for a rental unit in Canada reached a record level, amounting to $2042 last month amid ongoing interest rate hikes, population growth, and low unemployment.

The latest data release from "Rentals.com" shows that year-over-year rent inflation for June was 7.5%, lower than the double-digit growth seen throughout most of 2022 and early 2023.

Rents also increased by 1.4% from May, marking the fastest monthly rise for listed units on the site so far this year.

The average cost of a one-bedroom unit in June was $1780, up 10.2% from the same month in 2022.

Vancouver led the way as the most expensive city in Canada for renters, with the average price of a one-bedroom unit at $2945, and a two-bedroom unit at $3863, followed by nearby Burnaby, British Columbia.

Toronto ranked third at $2,572 for a one-bedroom and $3,301 for a one-bedroom unit.