Though Toronto's housing market is showing some early signs of cooling off — if not when it comes to prices, then at least when it comes to activity — the same can't be said for the region's rental market, which is actually only expected to get worse, experts say.

According to the latest Toronto GTA Rent Report from Bullpen Research & Consulting and TorontoRentals.com, monthly rents in and around the city continue to rise at a rapid pace, hitting a new high of a whopping $2,325 downtown, on average — 16 per cent higher than April 2021.

Average rents across the GTA in April, from Bullpen Research & Consulting and TorontoRentals.com's latest Toronto GTA Rent Report.

The cost of living in a condo apartment is spiking the hardest, with these units in the GTA costing 26 per cent more this past April than they did the same time last year, at an average of $2,509.

Designated rental apartments and single-family homes also saw year-over-year price growth from last April — a time that the firms say "the average monthly rental rate changed course" after pandemic lull —though not as substantially as condos.

And, overall, there is still month-over-month increases happening as well, with the average monthly rent for the entire GTA now sitting at $2,204.

Rent prices and prices-per-square-foot are all on the rise after pandemic lows. Chart from Bullpen Research & Consulting and TorontoRentals.com's April 2022 Toronto GTA Rent Report.

But, it has been far steeper in some locales than others: Richmond Hill's average rent is up a whopping 26 per cent annually (to $2,129), while Markham's is actually fractionally down (by 5.2 per cent, to $1,795).

Meanwhile, Toronto proper, Etobicoke, Mississauga, York, East York, Vaughan and Scarborough rents are also all on the up, albeit not as dramatically.

The price hikes have been far more significant in some parts of the region than others, and are only expected to get worse. Chart from Bullpen Research & Consulting and TorontoRentals.com's April 2022 Toronto GTA Rent Report.

While Toronto had the highest prices for all apartment sizes, it was more easterly cities that had the lowest: $1,364 for a one-bedroom in Whitby (vs. $2,065 in Toronto), and $1,862 for a two-bedroom or $2,291 for a three-bedroom in Oshawa (vs. $2,849 or $3,347 in Toronto).

It seems there is increased interest especially in two-bedroom units, which have consistently seen big price jumps each month this year compared to last.

Two-bedroom units in particular have seen large and consistent jumps in average price so far this year. Chart from Bullpen Research & Consulting and TorontoRentals.com's April 2022 Toronto GTA Rent Report.

Also interesting is the fact that the median unit size for apartments built so far this year and listed on TorontoRentals.com is smaller than the size of units built in any other year at just 596 square feet (compared to 979 square feet in 1998) — so they're not only getting more pricey, but smaller, too.

"After several consecutive months of monthly increases last year, average rent flattened out in the GTA, but lower interest rates could have tipped the scales, pushing would-be buyers back into the rental market, or simply prevented them from leaving it," the experts note in their report.

"If the ownership market continues to soften, expect rents to pick up, especially downtown and in transit-friendly neighbourhoods."