Water's Edge at The Cove — Rental Market Data

Water's Edge at The Cove features 10 active listings as of August 31, 2026, with an asking price range spanning from $2,100 to $2,850 per month, an average monthly rent of $2,425 per month, and a median monthly rent of $2,350 per month. Active inventory averages 547 square feet with an asking rate of $4.58 per square foot, dominated by 1-Bedroom plus Den suites that capture half of all available inventory. The current active lineup leans toward compact entry-level configurations supplemented by multi-bedroom executive layouts.

The dominant active layout at Water's Edge at The Cove is the 1-Bedroom plus Den, accounting for 5 listings and a 50% inventory share. Standalone 1-Bedroom units comprise 3 listings or 30% of available inventory, averaging $2,233 per month across 400 square feet at an asking rate of $5.58 per square foot. Meanwhile, 2-Bedroom suites make up 2 listings representing a 20% inventory share, commanding an average rent of $2,825 per month across 705 square feet at an asking rate of $4.04 per square foot.

Water's Edge at The Cove displays a minimum entry rent of $2,100 per month and a peak asking rent of $2,850 per month, establishing a dollar spread of $750 per month and a percentage spread of 35.7%. The median asking rent sits at $2,350 per month. The entry-level option consists of a 1-Bedroom suite spanning 400 square feet with an asking rate of $5.25 per square foot, while the peak tier is anchored by a 2-Bedroom suite offering 770 square feet at an asking rate of $3.70 per square foot.

Water's Edge at The Cove commands an active den premium of $147 per month alongside a square footage delta of 171 square feet. The marginal cost for the extra den space equates to $0.86 per square foot. Active parking stalls carry a verified additional fee of $200 per month.

Water's Edge at The Cove asks an average monthly rent of $2,425 per month at a rate of $4.58 per square foot, aligning perfectly with the Mimico submarket asking benchmark of $2,425 per month and $4.58 per square foot. The nominal rent alignment is driven by suite size configurations matching local averages, with the building maintaining a square-foot variance of 0% against submarket asking benchmarks while capturing a localized share of active neighborhood inventory.

Water's Edge at The Cove achieves an average lease rent of $2,562 per month, aligning closely with the overall competitive market average of $2,878 per month while scaling below larger legacy alternatives like South Kingsway Village II. Individual competitor metrics demonstrate this spread across the micro-market: South Kingsway Village II at 22 Southport St reports an average lease rent of $3,650 per month at $3.29 per square foot across an average of 1,100 square feet; NXT 2 at 105 The Queensway Ave records an average lease rent of $2,360 per month at $3.90 per square foot across an average of 628 square feet; and NXT Condominiums at 103 The Queensway Ave posts an average lease rent of $2,624 per month at $4.08 per square foot across an average of 688 square feet. Meanwhile, Southampton at 1 Ripley Ave currently carries no active lease transactions in the reporting window.

Water's Edge at The Cove positions itself in the market with an average leased rate of $4.31 per square foot across an average suite size of 602 square feet, trading at a premium over older properties like South Kingsway Village II (which leases at $3.29 per square foot across 1,100 square feet) and NXT 2 (which leases at $3.90 per square foot across 628 square feet). Renters evaluating Water's Edge at The Cove against older regional stock accept a more compact, highly optimized footprint in exchange for modern construction standards, reduced utility burdens, contemporary mechanical systems, and brand-new interior finish packages that older, larger 1,100-square-foot layouts simply cannot match.

Water's Edge at The Cove delivers an extensive, resort-grade lifestyle and amenity package that surpasses the offerings found in most nearby multi-family towers. Residents enjoy signature features including an Indoor Pool, a dedicated Spin Studio alongside a full Gym & Fitness Centre, a relaxing Hot Tub & Jacuzzi, a functional Pet Wash Station, and a scenic Rooftop Terrace, contrasting favorably with older localized competition like Southampton, which features an Indoor Pool, Squash & Racquetball Court, and Garden & Courtyard, or NXT Condominiums, which offers an Outdoor Pool, Tennis & Pickleball Court, and a Self-Serve Grocery Store. This comprehensive wellness and lifestyle ecosystem primarily serves young professionals and couples seeking an active, modern condominium experience with premium on-site conveniences.