Over the past 6-months, I’ve been scoping out various rental options here in Toronto. I’m a big believer in renting where you live versus buying. I’ll probably write another article with more details and numbers of why it doesn’t make sense for most people to buy where they live, but for this piece, I’d like to showcase the different renting options available here in Toronto. I take a close look at what’s out there if you’re in the rental market for your next move.
In my hunt for the most desirable place, I review three very different rental living options: furnished luxury suites, Coliving spaces and managed rental units. My goal with this is to help you decide the best fit for you depending on your current situation and short/long term goals. I narrowed it down after some extensive research to the top 3 companies that I think are doing it best.
Option #1: Managed Rentals at The Selby
The first option was the newly launched Selby property located at the edge of the downtown core and close to the highway. This was a bit nostalgic for me because it was steps away from my very first place here in Toronto. It was built over top the historical 130-year old Gooderham Mansion which is now the home of Maison Selby – a quaint bistro and speakeasy of sorts operated by Oliver & Bonacini. You don’t even have to leave the building to enjoy some delicious French onion soup! That can really come in handy for the winter months.
The 50-storey building promises an “elevated resident experience” and is also very lifestyle and community driven mainly geared towards millenials. All the units are available as typical rental units for a minimum of 12 months – just like any regular lease. However, they have paid a lot of attention to their amenities and additional services to raise the bar on your typical apartment rentals. I must admit, they do have some cool features like Nest thermostats, keyless smart lock entry, an impressive gym in partnership with BioSteel and a spa area. The Selby is a great option if you’re looking for a more lifestyle driven take on a traditional condo rental for the young and hip crowd.
Option #2: Coliving with Sociable Living
A brand new concept popularized in places like New York, San Francisco and Europe has effectively made its way to Toronto with Sociable Living leading the way. This millenial-style co-sharing living concept came about due to the increased epidemic in loneliness and the desire for human interaction. Also, with soaring rent prices, it has become difficult for millenials to afford decent living in urban cities like Toronto. But it’s not just millenials that are attracted to this style of renting. Older generations seeking companionship is also a rising need in the market. Sometimes the elderly are just too young for retirement homes, which can also be very pricey. Companies too are looking at this as a good bunking option when transferring staff, employees or expanding into new cities. You get flexibility and sense of community with Coliving, if you’re ok having roomies, that is.
Similar to furnished apartments, it comes with everything included – wifi, furniture, bedding, weekly cleaning, laundry and even community events to mingle with like-minded individuals. Usually situated in convenient neighbourhoods close to TTC and public transit, this is a great option for anyone seeking communal or roommate style living without the hassle of finding a roommate. Sociable Living, for example, is located in The Junction and vets all their members to ensure you’re getting someone compatible and who shares similar interests. If companionship is your thing, then it may be a good option for you. You can learn more about Coliving in toronto in a recent article I wrote.
Option #3: Furnished Apartments with Toronto Luxury Suites
After doing the research and looking at a few furnished rental companies, I landed on Toronto Luxury Suites. A family owned and operated business that has been in the market for just over 10 years. Here you can rent as long as you want or do as little as one month, say if you’re relocating, visiting family, or just need a temporary furnished suite in between places. There are no commitments beyond how long you require it – you can extend as needed.
Impressed by their warm service, stellar reviews and great locations, I personally decided to give them a try for six months as it worked out to fit my exact needs. I wanted a place for a short term and didn’t want to commit or sign a 12 month lease. I didn’t want the hassle of furniture and definitely couldn’t see myself living with roommates at this stage in my life. Plus I’ve always loved a good view and having over-sized balconies to enjoy the beautiful sunsets is everything.
They’re managed with full concierge service and all the buildings have a good amount of amenities like a gym, pool, BBQs, outdoor patios/terraces, party rooms and more. They have a vast, curated selection of furnished suites in prime Toronto locations. All appliances, furniture, wifi and utilities are included so you literally don’t need anything additional to move-in and the process is seamless. This is a great option for corporate travelers, executives/employees relocating or on work contracts, international students needing a place for 8 months of the year, high profile individuals or production companies shooting a movie project in Toronto. It’s a great alternative to a hotel and a much more comfortable and seamless way to get settled in Toronto.
If you’d like to learn more about Toronto Luxury Suites, or any of these options, or my experience with them, feel free to send me a message through social below.