There's good news and bad news for Toronto apartment hunters. Rental rates have decreased for the first time in almost a year this May, but they're still hovering near an all time high.

According to apartment listing site Padmapper's monthly rental report, one bedroom units dipped 1.7 per cent to $1,750 this month, while two bedroom units decreased 0.9 per cent to $2,250.

Those numbers make Toronto the second most expensive rental market in the country behind Vancouver, where rents have started to climb again after a brief pause a couple of months ago.

While prospective renters will be happy to know that monthly rates have flatlined, it's worth noting that yearly growth for both one and two bedroom units sits at 15 per cent, which underscores just how pricey it remains to rent an apartment or condo in Toronto.

It remains to be seen if the slight dip in prices is related to rent control measures tabled by the provincial government last month.