elev'n21 — Rental Market Data

elev'n21 holds four active listings as of August 31, 2026, with asking rents ranging from $2,480 to $4,500 per month, an average of $3,095 and a median of $2,700. The average suite size across active inventory is 763 square feet at an asking rate of $4.25 per square foot. The dominant layout is the 1-Bedroom + Den at 50 percent of active inventory, indicating the current availability leans toward compact entry-level and small den configurations rather than multi-bedroom executive formats.

The 1-Bedroom + Den is the dominant active layout at elev'n21, with two units representing 50 percent of current inventory at an average asking rent of $2,700 per month across 600 square feet and a rate of $4.52 per square foot. The 1-Bedroom tier holds one listing at 25 percent share, asking $2,480 per month for 550 square feet at $4.51 per square foot, while the 2-Bedroom + Den also holds one listing at 25 percent share, asking $4,500 per month for 1,300 square feet at $3.46 per square foot.

elev'n21's active inventory spans a $2,020 spread from a minimum entry rent of $2,480 per month to a peak asking rent of $4,500 per month, representing an 81.5 percent price range. The median asking rent sits at $2,700 per month, anchored by the two 1-Bedroom + Den units. The entry-level suite is a 1-Bedroom at 550 square feet priced at $4.51 per square foot, while the peak offering is a 2-Bedroom + Den at 1,300 square feet priced at $3.46 per square foot, reflecting the premium for significantly more living space.

At elev'n21, the active den premium is $220 per month for an additional 50 square feet of den space, translating to a marginal cost of $4.40 per square foot for the extra area. Active parking premiums cannot be reliably isolated from current listings due to insufficient paired sample data, though historical leases at this building established a verified parking stall benchmark of $75 per month.

elev'n21's active asking rent of $3,095 per month and $4.25 per square foot both sit below the Downtown Core submarket asking benchmarks of $3,471 per month and $4.56 per square foot, placing the building 6.8 percent under the neighborhood rate per square foot. The lower nominal rent is consistent with the submarket comparison because the building's average suite size of 763 square feet is larger than typical Downtown Core inventory, so the per-square-foot discount reflects genuinely competitive unit pricing rather than a sizing artifact. elev'n21's four active listings represent approximately 1.8 percent of the 224 total active listings across the Downtown Core submarket.

elev'n21's average closed lease rent of $2,775 per month sits $558 below the four-comp average of $3,333, making it the most affordable realized lease in this immediate Bay Street cluster. U Condominiums East Tower at 1080 Bay St (0.1 km) recorded an average closed lease of $3,009 per month at $4.80 per square foot across 632 square feet, while its West Tower counterpart at 65 St Mary St (0.12 km) averaged $3,177 per month at $4.88 per square foot on 662 square feet. The older 1166 Bay at 0.11 km commanded the highest average closed lease at $3,812 per month, though that figure reflects its substantially larger 1,094-square-foot suites at just $3.62 per square foot. 1132 Bay at 0.07 km had no closed lease transactions in the trailing 180-day window, so no direct rent benchmark is available for that property.

elev'n21 leases at $4.91 per square foot on an average of 575 square feet, a rate that is $0.48 per square foot above the submarket leased benchmark of $4.48 and a premium over every nearby competitor with reported data. Compared with U Condominiums East Tower at $4.80 per square foot, the subject commands a $0.11 per square foot premium while providing 57 fewer interior square feet; against U Condominiums West Tower at $4.88 per square foot, the premium narrows to $0.03 per square foot with 87 fewer square feet. The steepest differential appears against 1166 Bay, where the subject trades at a $1.29 per square foot premium (35.6% higher) while delivering 519 fewer square feet, meaning a renter choosing elev'n21 over 1166 Bay accepts a significantly more compact footprint in exchange for a lower absolute monthly rent of $2,775 versus $3,812. The trade-off is clear: tenants gain a lower total outlay and a newer 2003 building over the 1981 stock, but surrender meaningful interior space relative to the larger older suites.

elev'n21's amenity package leans heavily toward social and communal living, distinguishing it from the spa-and-pool-oriented profiles of its nearest competitors. Where U Condominiums East Tower at 1080 Bay St offers an indoor pool, yoga studio, and library, the subject instead provides a dedicated dining room and kitchen, a media and theatre room, and a games and billiards room—amenities absent from the East Tower's lineup. Against 1166 Bay, which emphasizes valet parking, a car wash bay, and EV charging stations, elev'n21 counters with a meeting room, a BBQ area, and the aforementioned billiards room, catering to tenants who prioritize in-building social interaction over vehicle convenience. U Condominiums West Tower at 65 St Mary St includes a yoga studio and garden courtyard that the subject lacks, but elev'n21's rooftop terrace combined with its party and lounge room and dining kitchen creates a more event-oriented lifestyle suite. This package best serves young professionals and small groups who value a built-in social hub, casual dining, and entertainment space over resort-style wellness facilities.