Toronto's rental market is skyrocketing as prices soar amid limited inventory, the latest data shows. 
The average price for a one-bedroom apartment in the Greater Toronto Area climbed to $2,481 in the third quarter of 2022, up 20.4 per cent compared to this time last year, according to the Toronto Regional Real Estate Board (TRREB). 
Listings for rentals fell 25.6 per cent at an annual rate, the data shows. On a quarterly basis, there were 13,366 condo rental transactions reported in third quarter of this year, down from 16,154 transactions the year prior. 
The drop in inventory means it is now even harder for a prospective tenant to find a rental in Toronto than it would have been this time last year, the report indicated. 
The upward pressure on prices is also coming in part from would-be first-time homebuyers who are being forced into the rental market amid higher borrowing costs, the report cited.
“The decline in rental listings over the past year are a further warning sign to policymakers that the overall lack of housing in the region extends to the rental market as well,” Kevin Crigger, the president of the Regional Real Estate Board, said in a press release on Thursday. 
As a result, competition for condo rentals has intensified while negotiated rents have increased dramatically.