Verve — Rental Market Data

Verve at 120 Homewood Avenue lists four active units as of August 31, 2026, with asking rents ranging from $2,750 to $3,250 per month, an average of $3,038 and a median of $3,075. The average active suite measures 800 square feet at an asking rate of $3.82 per square foot. Two-bedroom layouts dominate the active inventory at 75 percent of available units, while the remaining 25 percent is a single one-bedroom-plus-den suite, indicating the current listing pool leans toward multi-bedroom executive configurations rather than compact entry-level options.

Two-bedroom suites account for three of Verve's four active listings, representing 75 percent of available inventory at an average asking rent of $3,133 per month across 850 square feet and a rate of $3.69 per square foot. The one-bedroom-plus-den tier holds a single listing at $2,750 per month for 650 square feet, translating to $4.23 per square foot. Renters seeking a den configuration face a one-unit-only choice, while the two-bedroom tier offers a small but workable selection of three options.

Verve's four active listings span a $500 spread from a $2,750 entry point to a $3,250 peak, an 18.2 percent range with a median asking rent of $3,075 per month. The entry-level suite is a one-bedroom-plus-den at 650 square feet priced at $4.23 per square foot, while the peak asking unit is a two-bedroom at 850 square feet carrying a rate of $3.82 per square foot. The lower per-square-foot cost on the larger two-bedroom reflects the building's pricing structure favouring bigger footprints at a more competitive rate.

Verve's active den premium and the associated square-footage delta cannot be quantified from current listing data, as no den-specific pricing breakdown is available. Verified parking at the building carries a $50 per month add-on for active listings, which is notably below the $302 per month parking premium observed in closed lease transactions. Renters should confirm whether the $50 figure reflects a promotional or introductory rate versus the longer-term leased parking cost.

Verve's average asking rent of $3,038 per month sits below the Cabbagetown submarket asking benchmark of $3,178, and its $3.82 per square foot rate is 11.8 percent lower than the submarket asking rate of $4.33 per square foot. The nominal rent gap narrows further when accounting for suite size: Verve's 800-square-foot average active listing is comparable to submarket offerings, so the lower per-square-foot rate translates into a genuinely more competitive monthly cost. The building represents four out of 106 active listings in the Cabbagetown submarket, or roughly 3.8 percent of total available inventory.

Verve's average realized lease rent of $2,825 per month runs $354 above the four-comp benchmark of $2,471, reflecting the building's larger suite footprints rather than a per-square-foot markup. Steam Plant Lofts at 10 Wellesley Pl (0.1 km) closed one lease at an average of $2,400 per month ($3.69 per square foot, 650 sq ft), meaning Verve commands $425 more in total monthly rent despite trading at a $0.06 per square foot discount. Earl Lofts at 21 Earl St (0.11 km) closed four leases averaging $2,249 per month ($3.48 per square foot, 650 sq ft), placing Verve $576 higher in nominal rent while also carrying a $0.15 per square foot premium. 159SW at 159 Wellesley St E (0.12 km) closed 37 leases at $2,494 per month ($4.09 per square foot, 624 sq ft), so Verve's $331 higher total rent is driven entirely by its 156-square-foot larger footprint at a $0.46 per square foot discount. The 500 at 500 Sherbourne St (0.12 km) closed ten leases at $2,740 per month ($3.62 per square foot, 765 sq ft), with Verve only $85 higher in total rent and a negligible $0.01 per square foot premium over a nearly identical 780-versus-765-square-foot footprint.

Verve leases at $3.63 per square foot across an average 780-square-foot suite, positioning it below the four-comp average of $3.72 per square foot and well above the 672-square-foot comp mean in total interior space. Against Steam Plant Lofts, Verve offers a $0.06 per square foot discount and 130 more square feet, so the $425 higher monthly rent is a footprint premium, not a rate markup. Versus Earl Lofts, Verve commands a $0.15 per square foot premium but still delivers 130 additional square feet, making the $576 rent gap a combination of slightly higher unit pricing and materially more space. The sharpest value contrast appears with 159SW: Verve trades at an $0.46 per square foot discount (11.2% below) while providing 156 more square feet, meaning a tenant pays $331 more per month for roughly 25% more interior area at a meaningfully lower rate per square foot. Against The 500, the per-square-foot spread is a near-identical $0.01 premium with only 15 additional square feet, making the two buildings the closest architectural and pricing twins in this micro-market.

Verve's amenity suite—anchored by an outdoor pool, hot tub and jacuzzi, sauna and steam room, gym, media and theatre room, games and billiards room, coffee bar, rooftop terrace, and BBQ area—sets it apart from all four nearby competitors on aquatic and wellness offerings. Neither Steam Plant Lofts (BBQ, concierge, meeting room, party room, rooftop) nor Earl Lofts (BBQ, concierge, garden and courtyard, meeting room, party room, rooftop) provides a pool, hot tub, gym, sauna, or media room, leaving Verve as the only building in this 120-metre radius with full aquatic and fitness programming. 159SW matches Verve on gym, sauna, games room, and meeting room but lacks the outdoor pool, hot tub and jacuzzi, and instead differentiates with a yoga studio, pet wash station, running track, and car share program. The 500 overlaps on gym, sauna, media room, games room, and dining room but again omits the pool and hot tub, substituting a business centre and lobby fountain. For tenants who prioritize resort-style aquatic recreation, a dedicated coffee bar for informal work sessions, and a full wellness stack (pool, hot tub, sauna, gym) within a walkable Cabbagetown address, Verve serves the lifestyle-driven professional or young family demographic that finds the 2002-vintage Earl Lofts and the pool-free 159SW insufficient on recreational depth.