(Photo by of Tien Ta)
Think your rent is expensive? This Toronto loft that was recently put up for rent makes the city’s average seem cheap by comparison.
The brick-and-beam hard loft at 468 Wellington St. W. is going for $20,000 per month.
The loft's open living room allows for a "loft" of living. (Photo by Tien Ta)
In other words, $17,794 more than the first-quarter average rent for Toronto this year, as calculated by Urbanation, a firm that collects data on the local condo industry.
Units in this stratospheric lease range, which listing rep Jamie Sarner of PSR Brokerage estimates represents about 0.1 per cent of the Toronto rental market, appeal to a few different types of tenants.
“One ideal candidate … is a very sought-after executive who a company brings in for a short time to fill a role,” he tells Toronto Storeys.
“They need somewhere to live. So, often, a big corporation will give them a very, very healthy budget in terms of a living allowance,” adds Sarner, who has carved out a niche in the high-end condo segment.
Guess you'll be the friend hosting all the parties if you rent this loft. (Photo by Tien Ta)
The über-rich also sometimes rent in this price range when they’re either having a home built or renovated.
“They’re accustomed to a certain lifestyle, and when you’re building a $10-million home, you can’t rent a $4,000-a-month house — it just doesn’t suit your lifestyle.”
And the fact that the red-brick building in which the loft is located has only 10 residences means this unit could also appeal to high-profile renters, maybe a touring artist or actor in town for a shoot who is looking to stay under the radar.
Is that a fridge — or another bedroom? (Photo by Tien Ta)
“It’s small and boutique, and you’re not going to be accosted in the lobby by a lot of people or bothered by anyone. It’s a very private building,” Sarner notes.
Boasting five bedrooms, two kitchens, and a pair of living rooms, the 5,200-square-foot unit is also very family friendly — something that can’t be said about every loft. Currently, a family of four is living in the unit, but soon moving out.
“It’s got many living areas. It’s got bedrooms — you can have one person live there, or five people live there, it depends on the scenario.”
Is this bedroom bigger than your home? (Photo by Tien Ta)
Renters in Toronto may be used to a screening process before signing a lease, but for a chance at living in this loft, you’d have to jump through more hoops.
“It’s probably a bit more intense than someone renting a 600-square-foot condo downtown, which are a dime a dozen,” Sarner says of the screening process.
Okay, okay. We're sold. Or leased, as it were. (Photo by Tien Ta)
He’s sussing out details about applicants online before deciding to give them a showing.
“It’d be pretty rigorous in terms of making sure it’s the right person.”
