With the dream of home ownership fading away for many Toronto residents, rental rates are going up — hence such a dire need for more affordable options in and around the city.

The Toronto Real Estate Board (TREB)'s monthly market watch report for June of 2018 states that a total of 9,749 people rented out condos as apartments in the GTA over the past three months alone.

This represents an increase of 14.9 per cent in condominium apartment rental transactions between June of this year and last.

The number of condos listed for rental also increased year over year, up by 28.8 per cent according to TREB, suggesting that condo owners are taking advantage of the spike in demand for rentals.

"The GTA population continues to trend upward, as the region attracts people from around the world, both on a permanent and temporary basis, to take advantage of a diversity of employment opportunities," said TREB president Michael Collins in a press release on Thursday.

"Many of these newcomers and existing GTA households choose to rent. With this in mind, it makes sense that we continue to see strong year-over-year increases in the number of condominium apartments rented."

You can (literally) bet your bottom dollar that we'll continue to see increases in how much those apartments rent for, too.