The word ‘luxury’ is often synonymous with ‘expensive’. And if you’re a renter looking for upscale vibes, you may have to spend some serious cash for that kind of lifestyle. But a scan of rental listings on Strata.ca shows it is possible to find a decent-sized unit in a luxury condo that costs well-below the Toronto average of $2,650 a month.
So what exactly would classify a condominium as ‘luxury’? According to Robert Van Rhijn, Broker of Record at Strata.ca, buildings with inventory renting or selling at 20 per cent above the neighbourhood average could easily be classified as such.
“But while there are a handful of rentals on the market at or under $1,900 a month, what you’ll notice is that these buildings are all entry-luxury,” he says.
“High-end condos, including the Ritz Carlton or the Shangri-La for example, are renting at over $4.50 per square foot, while middle-of-the-road condos cost about $3.00 per foot.”
Regardless of price points though, Strata.ca realtor Allen Cho believes a luxury condo usually implies enhanced security features, great accessibility, and upgraded amenities.
“Essentially, units are designed to maximize the privacy, convenience and comfort of each individual tenant,” he says.
“My personal idea of luxury though is a unit with lots of natural lighting and a breathtaking view of the lake.”
“‘Luxury’ is such a subjective word,” says Strata.ca agent Jenelle Tremblett. For example, a client who is moving to Toronto from a small town may consider it to mean a high-rise with a view of the skyline.
“But my next client may base their concept of ‘luxury’ on which developer constructed the building or the kind of residents who live there,” adds Tremblett, who says that for her, luxury is often based on the quality of amenities and the professionalism of the concierge.
As someone with a past career in marketing, Tremblett believes the term gets used loosely.
“Don’t get caught up in these adjectives”, she says. “Get out and actually visit the building...this way, you can judge things for yourself.”
So without delay, here are some of the cheapest rentals you’ll find right now in Toronto’s ‘luxury’ condos.
View more Yorkville condos for rent.
View more The Village condos for rent.
View more Mount Pleasant condos for rent.
View more King West condos for rent.
View more The Waterfront condos for rent.
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