Ridiculous rentals: $4,800 for a basement in Don Mills

Toronto’s rental market has gotten so pricey and competitive that someone is offering a basement apartment for nearly $5,000 per month.

Located at 58 Apollo Drive in the city’s Banburry York Mills neighbourhood, the $4,800 basement unit is billed as a “fully renovated, all new” apartment.

Royal Lepage Signature Realty

It’s somewhere between 1,100 and 1,500 square feet and offers two spacious bedrooms, three bathrooms, and lots of living space.

For context, the average rent for a two-bedroom apartment in Toronto is $3,266 per month.

Royal Lepage Signature Realty

Royal Lepage Signature Realty

The “beautiful and bright” kitchen has quartz countertops and will eventually have built-in appliances. It’s combined with the living area, which has a built-in wall unit for a TV.

Situated near Leslie Street and York Mills Road, the apartment is a short walk to Sunnybrook Park, York Mills Plaza, and some of the “best schools in the country.”

Royal Lepage Signature Realty

Royal Lepage Signature Realty

One driveway parking space is available. If a second is required, the landlord “may be willing to discuss at an extra cost.” Hydro and water cost extra, too.

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The listing was shared on Reddit, where users expressed their displeasure at the price and the Toronto rental market as a whole.

Several users noted that you could rent entire houses in the city’s downtown core for far less. Others surmised that the $4,800 price tag would be used to pay the mortgage.

“That’s insane tbh, the owner cannot afford that house, trying to pass the buck to a desperate tenant, how can they expect anyone to pay that?” one user questioned.

“That interest rate hike wouldn’t pay for itself,” another quipped.

One revealed that the rent is more than they actually make in a month. Another noted that a $1,500 two-bedroom Alberta listing caught their eye.

Anyway:

“This is when you definitely know it’s time to move somewhere else with a more affordable cost of living.”