The average monthly cost to rent a condo unit in the Toronto region just spiked to unheard-of levels, and it will now cost a residential tenant more than ever to live in the GTA.

The Toronto Regional Real Estate Board (TRREB) released its second-quarter condo rent report on Thursday, highlighting an unprecedented double-digit surge in rent price appreciation across all unit types.

OUT NOW! Average rent reaches a new high as Competition heats up in the GTA. To learn more, access TRREB’s Q2 #RentalReport HERE➡️ 🔗https://t.co/wbv9M1SnCN#RealEstateNews #CDNRealEstate #GTArealestate #GTArealtor #TorontoRealEstate #GTARealtor #RealEstate #marketstats #realtor pic.twitter.com/3QlpNoNV27

— Toronto Regional Real Estate Board (@TheReal_TRREB) July 28, 2022

Second quarter condo apartment rental prices just shattered previous records established in the third quarter of 2019.

Average one-bedroom condo apartment rents spiked by a staggering 20.2 per cent year-over-year, and it will now cost a renter an average of $2,269 per month GTA-wide.

The average two-bedroom condo rent in the GTA increased by 15.3 per cent during the same period and now sits at $2,979, threatening to cross the $3K/month mark.

A three-bedroom condo unit in the region will now cost a renter $3,790, a 12.8 per cent increase over Q2 2021.

In Toronto proper, condo rent prices were (as one would expect) a bit higher than the regional average, with one-bedrooms now going for a monthly average of $2,279, two-bedrooms at $3,061, and three-bedroom units costing $3,933 per month.

Despite all of this price appreciation, rental transaction activity actually plummeted in the second quarter when measured against the same period in 2021. A total of 13,203 condo apartment rental transactions in the GTA marks an 11.4 per cent year-over-year decline.

Experts at TRREB state that the drop in transactions is not a reflection of declining demand, instead pointing to an almost 30 per cent year-over-year nosedive in new rental listings hampering choice.

TRREB President Kevin Crigger warns that renters can only "expect rental market conditions to tighten further in the coming months."

Jason Mercer, TRREB's Chief Market Analyst, has a similar warning for renters, cautioning that increased competition could lead to "extremely strong upward pressure on average rents."