Toronto apartment rents are now the cheapest they've been in almost two years

The average Toronto rental cost slid to a 22-month low in June, some welcome news for prospective renters amid a spiralling cost of living situation in Canada's largest and second-most expensive city.

June figures from Urbanation and Rentals.ca reveal declines in average Toronto rental prices on both a monthly and annual basis, falling to the lowest point in almost two years.

It will now cost you an average of $2,715 to rent an apartment in Toronto. Though still a hefty price, June's figures represent a 2.5 per cent month-over-month decline and an even greater 3.5 per cent dip annually.

June's year-over-year drop in average rents marks the fifth consecutive month of declining annual rental rates in the city, providing some hope for cost-conscious renters and stoking the fears of investment property owners.

Chart of current rent prices in cities across the country courtesy of Rentals.ca and Urbanation.

Just like apartments, asking rents for shared accommodations also saw monthly and annual declines in June.

It will now cost you an average of $1,236 for a shared accommodation with roommates in Toronto, which represents a 1.7 per cent dip month-over-month and a four per cent decline annually.