If you’ve ever wondered what kind of rental an unlimited amount of money could get you in Toronto, look no further than this $25,000 per month unit that’s currently the most expensive rental on the market.
Located inside 468 Wellington Street West, this 5,000 sq ft loft is one of just 10 available in the building. And according to Strata.ca agent Jenelle Tremblett, they rarely come up for lease and are in very high demand.
“The last lease done at the Wellington Lofts was June 2015,” Tremblett told Daily Hive. “No inventory means even more pent-up demand. There are people watching this boutique condo just waiting for the moment a listing comes up. And they will jump at it.”
The unit itself has tons of the luxury finishes you’d hope to see in an ultra-expensive property, including high ceilings, exposed brick, heated floors, huge windows, a massive restaurant-style bar, gas fireplaces, and not one, but two dreamy walk-in closets.
Although the $25,000 price tag seems exorbitantly high — that’s $300,000 per year, after all — Tremblett says that when looking at the price per square foot, it’s not such a shock for a luxury property.
“In Toronto right now, the average cost per square foot is $3.14 for rentals,” Tremblett said. “So while a $25,000 per month rental seems absurd, it’s not that far off from the average.”
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Based on the per square foot cost, 5,000 sq ft should come out to $15,700 per month. The price difference, Tremblett says, is because of what this space has to offer.
“I mean, look at the photos,” Tremblett said. “This listing is styled so well it becomes aspirational. Home buying and leasing is a very emotional process — rarely rational. So you’d be amazed at how quickly a beautifully staged apartment and good photos can all of a sudden make you want to pay more.”
Being the most expensive rental in Toronto, the unit will certainly attract a seriously wealthy renter, and if they happen to throw a housewarming party, we wouldn’t mind an invite.