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Price: $ 1,200 / month (rent)
Neighborhood: Niagara – Queen West
X Factor: This downtown Toronto penthouse unit has panoramic views of Lake Ontario. Tram stops are also around the corner, providing easy access to the rest of the city, including Union Station, which is just a 16-minute drive away. Those who love to travel may also be happy to know that Billy Bishop Airport is just around the corner.
If you are on a budget and committed to individual city living, you may want to take note of this studio apartment for rent in the city.
But is this a good deal? Whether you’re new to Toronto or living alone, we hire our expert real estate agent Othneil Litchmore, to see how this property compares to others in Toronto.
Why is it priced at this price?
At approximately 500 square feet, this 16th floor penthouse studio at 650 Queens Quay West is available to lease for $ 1,200 per month. A Toronto studio for rent this low is rare in this neighborhood and other downtown areas.
“This is a deal,” says Litchmore.
The apartment includes a portable washer and dryer, and the building has amenities including a gym, party room, and concierge, per the listing.
Litchmore notes that rent for other studios in the area west of Yonge Street and south of Bloor Street averages around $ 1,700, while one-bedroom apartments in the same area average $ 1,800 to $ 2,000.
In neighborhoods that are more affordable, like Cabbagetown, studios at such a low price are also hard to come by. A studio for rent at $ 1,200 is an “anomaly,” and on Jarvis Street, only a few odd apartments are available for $ 1,300 to $ 1,400, he says.
With a good view, green spaces, and nearby traffic, you might be wondering, what is the problem?
There is no kitchen. There is also no kitchen sink.
Apartment does it They come with a microwave and mini-fridge, but cooking and washing the dishes will require being really clever or messy.
Any other tips for those looking for places like this?
“You will always get more for your money in the suburbs, ”which are designed for families, says Litchmore. But those on a lower budget who hope to live in Toronto will have better luck finding a place at a similar price if they are willing to find a roommate and live in a two-bedroom apartment, says Litchmore.
For example, a two-bedroom apartment in the city center could cost around $ 2,200, and an even split would make each roommate pay less than they would if one person were renting this studio.
“You may get more space, more amenities, or just a nicer place,” he says, noting that tenants are more likely to find a larger kitchen and possibly even a two-bathroom spot if he can handle a roommate.
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