The Merchandise Building I — Rental Market Data

The Merchandise Building I carries four active listings as of August 31, 2026, with asking rents ranging from $2,400 to $4,000 per month, an average of $3,175 per month, and a median of $3,150 per month. The average suite size across active inventory is 928 square feet at an asking rate of $3.52 per square foot. Two-bedroom layouts account for 50 percent of available units, giving the current inventory a tilt toward larger multi-bedroom suites rather than compact entry-level one-bedrooms.

Two-bedroom suites dominate active availability with two listings representing 50 percent of the building's current inventory, averaging $3,900 per month across 1,205 square feet at $3.26 per square foot. One-bedroom units hold one listing at 25 percent share, asking $2,400 per month for 650 square feet at $3.69 per square foot, while the one-bedroom-plus-den tier also carries a single listing at 25 percent share, priced at $2,500 per month for 650 square feet at $3.85 per square foot.

The Merchandise Building I shows an active asking spread of $1,600 per month, or 66.7 percent, between the entry-level one-bedroom at $2,400 per month and the peak two-bedroom at $4,000 per month. The median asking rent of $3,150 per month sits near the midpoint of that range. The entry-level one-bedroom spans 650 square feet at $3.69 per square foot, while the top-tier two-bedroom offers 1,110 square feet at a slightly lower rate of $3.60 per square foot, rewarding renters who seek additional living space with a marginally better per-square-foot value.

The Merchandise Building I carries a $100 per month den premium over the comparable one-bedroom, though the square footage delta between the two layouts is zero and the marginal cost per square foot for the den cannot be quantified from current data. Parking stall premiums cannot be reliably isolated from active listings due to an insufficient paired sample, and historical lease records do not provide a verified parking benchmark either, so renters should confirm parking costs directly with the property manager before signing a lease.

The Merchandise Building I asks an average of $3,175 per month at $3.52 per square foot, compared to the Downtown East submarket average asking rent of $2,636 per month at $4.36 per square foot. The building's higher nominal rent is driven by larger average suite sizes of 928 square feet rather than a per-square-foot premium; in fact, the building's asking rate is 19.3 percent below the submarket per-square-foot benchmark. The building currently holds four of the 192 active listings across the Downtown East submarket, representing roughly 2.1 percent of total available inventory in the area.

The Merchandise Building I's average closed-lease rent of $3,237 per month exceeds the four-comp average of $2,556 by $681, or roughly 27 percent, positioning it as the highest-renting building in this immediate Dalhousie Street cluster. The Merchandise Building V at 135 Dalhousie St (0.04 km) leases at $2,750 per month, $3.43 per square foot, on 813 square feet of space. Social at Church + Dundas at 100 Dalhousie St (0.13 km) averages $2,628 per month, $4.10 per square foot, on 646 square feet. Pace at 159 Dundas St E (0.18 km) records $2,544 per month, $3.93 per square foot, on 649 square feet. Two Fifty Two Church at 252 Church St (0.18 km) closes at $2,301 per month, $4.60 per square foot, on 510 square feet. The subject's higher absolute rent is driven by its larger suite size rather than a per-square-foot premium over most competitors.

The Merchandise Building I leases at $3.74 per square foot on 811 square feet, which is a more competitive per-square-foot rate than Social at Church + Dundas ($4.10/SF on 646 sq ft), Pace ($3.93/SF on 649 sq ft), and Two Fifty Two Church ($4.60/SF on 510 sq ft), while sitting at a modest $0.31 per square foot premium over The Merchandise Building V ($3.43/SF on 813 sq ft). Renters choosing the subject gain 165 additional square feet over Social, 162 over Pace, and 301 over Two Fifty Two Church, all while paying less per square foot than those three buildings. The trade-off is that the subject's 1999 build is older than the 2024 and 2025 completions, and its suite is only 2 square feet smaller than The Merchandise Building V's offering. For renters prioritizing interior space and a lower effective rate per square foot over the newest finishes, the subject delivers the strongest value equation in this submarket.

The Merchandise Building I offers one of the most comprehensive lifestyle packages on Dalhousie Street, with 15 distinct amenity features that outpace or differentiate from each nearby competitor. Where Social at Church + Dundas and Two Fifty Two Church provide no outdoor pool, the subject includes both an indoor and outdoor pool, giving residents year-round aquatic access. The subject's dedicated basketball court is absent at Social, Pace, and Two Fifty Two Church, offering a full-size indoor sport facility that none of those three replicate. A purpose-built business centre at the subject is missing from Social and Pace, providing professional-grade meeting and work space beyond the basic meeting rooms at those properties. The subject also features a garden and courtyard area not found at any of the four comparables, adding a private outdoor green space. Finally, while Two Fifty Two Church offers a pet wash station, the subject pairs its dog run with a broader social suite including a media and theatre room, games and billiards room, and rooftop terrace. This combination best serves active professionals and small households who want a full-service residential experience—pool, fitness, business facilities, and outdoor recreation—within a larger-than-average suite without paying the per-square-foot premiums of the 2024 and 2025 builds.