Rent hit a new high in July as students prepped for school, buyers sidelined: Report

Canadian renters have long lamented the increasing prices they see landlords request of tenants, but in July, those totals hit a level unseen in the country's history.

Data from Rentals.ca and research firm Urbanation released this week shows July's average asking rent hit $2,078, just shy of nine per cent above the same month last year.

The organizations behind the data said July's numbers also constitute the fastest pace of growth over the past three months and add the average asking rent rose 1.8 per cent between June and July, the most rapid month-over-month increase in the last eight months.

Compared to July 2021, the average asking rent increased by 21 per cent, adding $354 per month on average.