This one-bedroom apartment in Toronto for $2,650/month? Focus on rental prices in town
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Original price: $2,650/month (later changed to $2,150)
Piece: Village of Harbord
X factor: Just a seven minute walk from Kensington Market and about a 20 minute walk from the University of Toronto, this refurbished second floor apartment in a Victorian townhouse is in a central location ideal for a student, artist or anyone who loves good food, crafts and thrift stores.
In addition to having a terrace, the one-bedroom unit has a renovated kitchen with quartz counter tops and a dishwasher, a renovated bathroom with heated tile floors and 10 foot high ceilings. Plus, it has a laundry room in the unit. There is no living room, but there is plenty of storage space.
We call on our expert, real estate agent Othneil Litchmoreto better understand the rental price.
Why is the price like this?
The unit at 30 Brunswick Avenue was originally priced well above average for something this size, Litchmore says. The apartment is around 600 square feet, and bedrooms tend to range from 500 to 700 square feet, he adds. The average price for these units in the area is $1,900.
Just a week after the apartment was listed, the price dropped by $500. Why?
The Facebook Marketplace description says the unit is available immediately.
“It’s costing them money the longer it’s vacant,” Litchmore said. “So that’s probably why they lowered the price so quickly. It’s possible no one even came to see it or inquire at the old price.
So why was its price so high in the first place?
Litchmore points out that there’s a one-bedroom house on the same street rented for a whopping $3,150 a month, but that’s an outlier. On the ground floor of a house, the industrial and elegant unit at 122 Brunswick Avenue is clearly aimed at an affluent clientele.
And while plenty of students likely live in the area, the owner of 30 Brunswick Avenue may also be targeting people with extra cash.
This home is at least a century old, according to the listing, and chances are other units in the neighborhood aren’t in as good condition, Litchmore says. This unit is completely renovated and no one has lived in the new apartment, the listing says.
“There’s a bounty on that, I think,” he explained. But ultimately, “the owner also probably knew it was at the high end of the market.”
Moreover, prices are likely to continue to fall, adds Litchmore.
“The market is changing,” he said, noting interest rates are climbing and homebuyers are frustrated. “It will be different in the next few months.”
As for its current listing price of $2,150, it is still above average. As to whether it’s a better or worse deal than a condo, Litchmore says “it’s a trade-off.”
While this unit is more expensive and doesn’t include the amenities that high-rise buildings can offer, like a pool or gym, its rent covers all utilities and high-speed internet, according to the listing. Most condo rentals tend to charge for at least one piece of equipment, usually heat and electricity.
Any tips for finding places like this?
For around $2,500, Litchmore says people can find two-bedroom units and rent will be half the price. Otherwise, for something with fewer renovations, there are plenty of one-bedroom options around and below $1,900 in the area, he says.
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