The latest national rent report shows rental rates are on the decline across much of Canada.

Giacomo Ladas, communications director with Rentals.ca, said average asking rents across the nation have declined 4.7 per cent, or about $100 lower than those a year prior.

He said the change is being driven by a combination of record rental supply and weaking demand as population growth begins to slow and competition for renters increases.

Ladas says they are seeing a whole swath of purpose-built rentals and condos coming to the rental market, with about 200,000 currently under construction right now but at the same time they are seeing population growth has slowed dramatically, which is driven largely by declines in the number of international students and other non-permanent residents.

(with files from discoverhumboldt.com)