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.
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.
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.
“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.”
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.
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.”