What kind of apartment does $1500 get you in Toronto?
The $1500 benchmark is an important one in the Toronto rental market. For that price, one should be able to acquire a livable two-bedroom or a rather nice one-bedroom apartment. A review of available listings mostly confirms this, but it also demonstrates just how expensive rentals are today. Well, that and the fact that unoccupied condos have flooded the market in this price range.
This is what a $1500 a month apartment looks like in Toronto.
$1500 near High Park
If you have $1500 to spend on rent and only need a one-bedroom, there are a few things that you should rightly expect, like a decent/newish kitchen, more than 400 square feet of living space, and proximity to major amenities and transit. This Roncesvalles apartment ticks all the checks, and features a clean open-layout with lots of light.
$1500 at the Thompson Hotel
Would-be landlords love to list bachelor apartments as one-bedrooms, even if that's not entirely honest. You'd think you'd be spared such a thing at this price-point, but if you want to live in the Thompson for $1500, you'll have to stick a bed in the entry-area near the kitchen. Not recommended for people who like to cook regularly.
$1550 for a three-bedroom at DVP and Lawrence
If you're not tied to a downtown address, the $1500 range can buy you a lot of space. This townhouse-style unit near the DVP and Lawrence has three bedrooms, a community pool, and nice hardwood floors. You'll probably need to own a car to get around, so the $45 monthly parking fee needs to be factored in.
$1550 at King and Brant
This unit is one of hundreds of similar-looking condo/apartments available in this price range. These living spaces are centrally located, mostly open-concept, and feature decent-looking kitchens and appliances. Your money is buying you something that's quite new, even if these units tend to lack character. The BBQ hookup here is a nice bonus.
$1500 in the heart of the Annex
If it is character that you're after, $1500 will buy you a lot of it, and even in a good neighbourhood. I'd argue that this unit is considerably overpriced based on its age and the state of its finishes (old appliances and parquet floors), but the little deck at the back looks nice and the square footage is decent.
$1450 at Queen and Broadview
The difference between King West and Riverside would appear to be $100 of monthly rent according to this comparison. Here you're getting a unit that's quite similar to the one at King and Brant with features like a balcony, condo-affiliated amenities, and a decent size at 535 square feet. There's even a built in iPod dock -- as if that's worth anything.
Would you shell out $1500 for any of these apartments? Let us know in the comments.