The price of a Toronto apartment has reached a depressing new landmark for would-be renters out there. According to PadMapper's most recent rent report, the average cost of a one bedroom rental has hit the $1,500 mark.

That's up 4.9 per cent from $1,430 last month. Two bedrooms aren't any more palatable, coming in at an average of $1,900 for December. These numbers keep Toronto just behind Vancouver's rental market, which remains the most expensive in the country.

With the Toronto real estate market surpassing Vancouver's as the hottest in the country, we could, however, see rental rates in both cities get closer and closer. Month over month, Vancouver's one bedroom units only increased 1.1 per cent to $1,800.

Now, more than ever, is a good time to know what neighbourhoods offer the best bang for your buck for rentals. Good luck apartment hunting out there â it's a scary market.