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The price of rent is still, however, 36% higher than it was just four years ago nationwide.

Half of renters in the U.S. have found themselves paying more than they can afford, following years of surging rents. But an increase in construction has boosted the supply of apartments, which is slowly beginning to rein in runaway rents.

Half of renters in the U.S. have found themselves paying more than they can afford, following years of surging rents. But an increase in construction has boosted the supply of apartments, which is slowly beginning to rein in runaway rents.

Renters in Canada may have felt more of a financial squeeze last month as 2023 wrapped up with average rents hitting a new high. According to the latest National Rent Report from Rentals.ca and Urbanation, December saw the average asking rent for all property types reach a record $2,178. That marks an 8.6% increase from the previous year, continuing an upward trend that has seen rents rise by 22% over the past two years, and translating to an additional $390 per month on average for Canadian tenants.

Focused Editor Koen Rodabaugh debunks a myth formed in the wake of the recent housing crisis: that migrants to the South are not to blame.