Toronto is one of the best condo markets in the world for furnished rentals. There are so many different furnished executive rental buildings to choose from. What makes the city so special for this type of rental is it’s one of the few places in the world with the following characteristics:
➤ A large number of modern condos with top notch amenities in the downtown core.
➤ A healthy and growing number of corporate headquarters.
➤ Over 20 condos in the downtown core that have executive rental friendly regulations.
➤ Right next door to the US market with a much weaker currency that causes rates to be much higher than traditional long term rentals.
While there are many condos in Toronto that are great for furnished rentals, here are a few that are particularly appealing for corporate clientele.
300 Front Street West & 20 John Street
Perhaps the best location of them all. This Tridel built and Del Management run building was the first to attract a sea of pre-construction investors on the basis of it being furnished rental friendly.
300 Front Street West is located at John / Front, across from the CN tower / Ripley’s Aquarium / Rogers Centre. Less than a ten minute walk from Union Station and right where the financial and entertainment districts intersect, it doesn’t get much better. The lobby exudes class, the amenities include a rooftop pool and fully equipped gym, and the units are built with the perfect blend of condo and hotel style. The cost per sqft. of 300 Front units is the highest on the list, and we don’t expect the cost to buy to go anywhere but up.
55 / 65 Bremner – Maple Leaf Square Residences
Located at York and Bremner, this condo complex neighbors Scotiabank arena and Union Station. It’s just a short walk away from the Rogers Centre, Harbourfront, and both the Financial District and Entertainment district. Two great restaurants are located in the building as well as a Longo’s flagship grocery store.
In terms of amenities, the Residences have an outdoor pool, indoor pool, and a gym. The building is well maintained and resides above the La Germain hotel. The units often have dens big enough to be turned into additional bedrooms which can increase furnished rental income quite a bit. Units in this building often have between 90-95% occupancy.
The building has become almost as expensive as 300 Front Street West, and for good reason. It’s a great place to buy and with no more space to build in the surrounding area, we think owning a unit here will be a valuable commodity for years to come.
560 Front Street West – The Reve
While so many furnished rental focused buyers look at 300 Front, down the street a few blocks is a building that doesn’t have the flash and prestige but in many areas exceeds its Tridel / Del sibling. The Reve is a quality building in a quiet corner of the entertainment district at Front and Bathurst that Airbnb guests absolutely love. The staff is extremely friendly, the location is down the street from some of the city’s best restaurants, and the gym is the best of all the furnished rental friendly buildings.
While 300 Front feels like a hotel, 560 Front has a much more residential feel to it and it’s easy to feel at home if you’re looking for something more low key. It’s much smaller than 300 Front, making it much more difficult to get a unit. Owners in the building know they have something good, and they are reluctant to sell. Because it’s less known it doesn’t have the eyes on it of a 300 Front making it a good value buy. There are rarely more than a couple units for sale at any given time in this building, so if you see a unit with a good layout know it’s not going to be available for long.
209 / 215 Fort York Blvd
Situated between the entertainment district, and liberty village, the Neptune condos are close enough to the downtown core and right beside the Enercare conference centre. The building features a modern gym and a beautiful pool. The lobby is also set up for a classy check in experience that guests appreciate.
The best part about this building is how much less expensive the units are relative to the more central buildings. The area is growing with a new high end Loblaws down the street and more amenities coming. Maybe the best value for money out there for furnished rentals from an owner perspective.
12 / 14 York Street
Located across the street from 55/65 Bremner Blvd, the area is in the first tier in terms of where tourists want to stay. Despite so many units being on the furnished rental market, the building has a good registration process for guests to ensure safety and security are always maintained. The units are nice and the views of the city are breathtaking.
Similar to 300 Front and 55/65 Bremner, the furnished rental boom caused prices to jump in this building. If you’re lucky enough to afford it, it’s a great place to own based on income and appreciation potential.
Honorable Mentions Go To:
➤ 199 Richmond Street West
➤ 101 Peter Street
➤ 30 Nelson Street
➤ 155 Yorkville Avenue
➤ 210 Victoria Street
➤ 105 George Street
➤ 8 Charlotte Street
➤ 168 Simcoe Street
➤ 151 Dan Leckie Way
➤ 250 / 270 Wellington Streyet