The average rent for a one-bedroom apartment in Canada reached $1,906 in October; in Vancouver, the price was $2,872.

The average asking price for a rental unit in Canada reached $2,178 last month, an increase of 9.9 percent year-over-year, continuing the trend of asking rents rising to new highs for six consecutive months.

This is according to the latest rental price report issued by Rentals.ca and Urbanation, which analyzes monthly listings from their network, where the results show that although the annual rent growth rate in Canada for October declined from the 11.1 percent jump in September, it still represents the second fastest annual increase in the past seven months.

Also on a monthly basis, the average asking rents increased by 1.4 percent in October, slightly down from monthly gains of 1.5 percent in September and 1.8 percent in August, attributed to seasonal factors.

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 unit was $2,255, up 11.8 percent annually, according to the report.

Vancouver once again topped the list as the most expensive city in Canada for renters, with the average one-bedroom unit at $2,872, and two-bedroom apartments at $3,777—both down from the asking prices in September but up by 6.7 percent and 5.5 percent respectively.

Toronto was the next major city ranking highest, with $2,607 for a one-bedroom apartment and $3,424 for a two-bedroom apartment.

The report also said that rent inflation in Canada is driven by price increases in Alberta, Quebec, and Nova Scotia, partly due to strong population growth and significant deliveries of new rental supply at rents higher than the market average.

Among Canada's largest cities, Calgary topped the list for annual apartment rent growth for the ninth consecutive month, with rents for purpose-built apartments and residential units in Calgary rising by 14.7 percent year-over-year to an average of $2,093, while Montreal came second with annual rent growth of 10.2 percent, averaging $2,046 in October.