Average rents across all units in Toronto rose by about 27 percent compared to last year, according to a new rental report.

The latest release from Urbanation – a real estate research company – and Rentals.ca also revealed that the average rent price across all units costs $2820 per month.

The rental report stated: "Toronto saw the strongest annual growth in rents over the past year among the largest Canadian markets."

Also, the average rent for a one-bedroom apartment in Toronto was $2,502 per month, while the average rent for a two-bedroom apartment was $3,353 per month.

Outside Toronto, rents for one-bedroom and two-bedroom apartments in Brampton increased by 26.7 percent and 31 percent respectively.

Rent is still slightly cheaper than in Toronto, with the average cost of a one-bedroom a little over $2100 and two bedrooms $2,579 per month.

As for across the Greater Toronto Area (GTA), the average cost for a one-bedroom in Mississauga is $2,214.

Outside the GTA in Hamilton, Kitchener, and London, the average rent for one-bedroom units ranges from $1,777 to $1,920 per month.

Additionally, the report indicated that during the period since March – with the Bank of Canada raising interest rates six different times during that timeframe – the average rent nationwide has increased by 9.2 percent, while standard resale prices have simultaneously dropped by about 10 percent.