After months of sustained increases, it seems there's no stopping rent prices in the Greater Toronto Area. A new report from Bullpen Research & Consulting and found that rent prices in the GTA jumped a noticeable 5.7% from April to May -- the largest month-over-month increase in more than three years.

Rent prices now sit 16.5% higher that they did one year ago, with prices for all property types averaging to $2,327 per month -- up from the $1,998 average seen in May 2021. Condo apartments now average $2,623 per month, which marks a sizable 25% annual increase.

Apartments averaged $2,092 per month while single-family home rentals jumped up 12% to a new average of $3,233.Two-bedroom units in particular saw the largest annual increase, with rents up 16% to a new average of $2,584.

"Reduced supply coupled with increased demand from immigration, more students, and recent graduates moving out of their parents homes have contributed to the rapid rise in rents," the report reads.

As for what lead to reduced supply, the report points to increased demand from immigration, more students, and recent graduates moving out of their parents' homes. This, combined with high inflation, rising interest rates, and more short-term rentals and supply chain issues, has led to extremely tight conditions.

"Also, fewer people tend to move during uncertain economic times, and more would-be first-time home buyers are deciding to stay on the sidelines and in rental housing, drying up supply," the report notes.

As to be expected, prices for Toronto condo rentals were highest out of anywhere in the GTA, coming in at an average of $2,438 per month -- an annual increase of 19.8%. On a more granular level, the highest rental rates out of anywhere in the GTA were seen in the Bay Street Corridor where average rent prices are up 12% annually to $2,764. This is also 1% higher than average rent prices in 2019, the year rents peaked.

Toronto was closely followed by Burlington and Etobicoke, which had average rent prices of $2,233 and $2,263, respectively. Oakville rents sat at $2,299 -- up 11.2% year over year -- followed by Mississauga with an average rental price of $2,224 in May. Mississauga's City Centre neighbourhood has seen the highest growth, with condo and apartment rent prices up 28% to $2,728, which is also 17% higher than in 2019.

Surprisingly, not every city in the GTA is seeing annual rent increases. Prices in Vaughan are down year over year, and it's the only city to see such a trend. In May, the average rental price came to $2,072 which is down 6.6% from May of last year. On a neighbourhood level, Cabbagetown-South St. James Town is the only Toronto neighbourhood to have seen a drop in prices, falling slightly from $1,865 in 2021 to $1,843 in 2022.