With average prices for condo rentals rising consistently over the years, the threshold for what is considered a luxury condo for rent in Toronto has also risen. Prospective renters interested in 18 Yorkville, for example, can now expect to pay anywhere from $2,200 to $3,100 for a one-bedroom suite. Rentals in the most elite buildings in the city, on the other hand, can cost upwards of $10,000 per month.
But it’s not just price that sets apart Toronto’s luxury condos for rent from the rest. Rather, condo seekers with sights set on luxury suites want high-quality finishes, top-of-the-line appliances (such as Miele, Sub-Zero and Wolf), arresting views, and amenities galore.
Size is also an important factor to consider for prospective residents in search of luxury condos for rent in Toronto. Contrary to popular belief luxury condos aren’t always gigantic: they range in size from studios that cover as little as 300 square feet to mansions in the sky that span 3,000 square feet or more. Some renters wishing to live in a luxury unit simply don’t need thousands of square feet, and thankfully this group can still find suitable homes built with quality materials — and that gain residents access to tons of useful amenities.
Interestingly enough, some of the most extravagant buildings in the city were created by multifarious developers, rather than those who specialize in luxury homes. For example Theatre Park was created by Lamb Development Corp., the U Condominium by Pemberton Group, and Menkes is responsible for developing the Four Seasons Private Residences — all of which made the list of most expensive condos in the city in 2018.
In recent years the luxury condo rental market in Toronto has expanded to include a new category: purpose-built luxury rentals. Rather than cohabitate with condo owners, residents living in these buildings are exclusively renters. And while they usually aren’t as lavish as, say, the Residences of the Ritz Carlton, this type of building does come equipped with swanky amenities and high-end finishes. Renters typically attracted to these buildings might include empty nesters who don’t need as much space as they used to, or young urbanites who can’t quite afford to buy a property just yet.
Clearly, condo seekers have much to consider before settling on a particular unit. While many Torontonians would be more than happy to live in the penthouse of Theatre Park — with its built-in wine cellar, double-sided fireplace, wraparound terrace with outdoor kitchen and hot tub, and 3,300 square feet of indoor space — the reality is that most renters don’t have $28,500 a month to spare.
That said, a great compromise for some might be to rent a smaller, less extravagant unit in a building whose name still carries a certain weight. And what better way to ensure that everyone understands the high-class connotations of one’s address than to live adjacent to a luxury hotel? Consistently topping lists of most expensive buildings in the city are condos like the Four Seasons Private Residences and the Shangri-La. The former, for example, contains homes as small as 680 square feet, and yet residents living in homes of all sizes have access to the same set of amenities: a 24-hour concierge and valet service, an indoor lap pool, a private screening room, and a ballroom. Plus residents can employ the hotel’s housekeeping services, and they can even have their cars detailed without leaving home.
For other prospective residents looking for luxury condos for rent in Toronto, it’s all about the details. Suites in the U Condominium are ideal for this type of renter, as these homes are equipped with gourmet kitchen appliances including Sub-Zero Fridges, Wolf Gas cooktops, and Miele dishwashers.
And last but not least, some renters want privacy and a calm environment above all else. This group will immediately fall for 36 Hazelton, a low-key, intimate building that’s home to just 20 units. Plus, this building has the added bonus of having historical value: it was converted from a 1928-built Catholic school in 2015.