38 Elm at Plaza — Rental Market Data

At 38 Elm at Plaza, active inventory stands at 2 listings as of August 31, 2026, offering a price range of $2,500 to $2,600 per month with an average and median asking rent of $2,550 per month. Active suites average 700 square feet with an asking rate of $3.67 per square foot. One-bedroom layouts account for 100% of current availability, meaning active inventory leans entirely toward compact entry-level suites.

The dominant active layout at 38 Elm at Plaza is the 1-Bedroom, representing 2 active listings and a 100% inventory share. This tier offers an average asking rent of $2,550 per month across an average size of 700 square feet at $3.67 per square foot. There are zero units currently available across all other bedroom tiers.

At 38 Elm at Plaza, asking rents range from a minimum entry rent of $2,500 per month to a peak asking rent of $2,600 per month, creating a dollar spread of $100 per month and a percentage spread of 4%. The median asking rent sits at $2,550 per month. The entry-level suite is a 1-Bedroom offering 750 square feet at an asking rate of $3.33 per square foot, contrasted against the peak suite which is a 1-Bedroom offering 650 square feet at $4.00 per square foot.

Active den premium data for 38 Elm at Plaza cannot be isolated as den metrics are null. Parking premium data cannot be reliably isolated due to an insufficient paired sample, so parking stall costs remain unquantified.

Asking rents at 38 Elm at Plaza average $2,550 per month at $3.67 per square foot, trailing the Downtown Core submarket asking average of $3,471 per month at $4.56 per square foot. The lower nominal monthly outlay is driven by more compact suite sizing rather than cheaper unit pricing. The building's asking rate per square foot sits 19.5% below the submarket asking benchmark while representing a 0.7% availability rate across the submarket's active inventory.

At 38 Elm at Plaza, historical leases average $2,591 per month, positioning the building below the overall competitive average of $2,936 per month across nearby properties including Horizon on Bay, Panda, The Liberties on Bay II, and The Liberties on Bay III. Individual nearby alternatives report varied pricing metrics: Horizon on Bay (633 Bay Street) averages $2,845 per month at $3.42 per square foot across 851 square feet; Panda (20 Edward St) averages $2,855 per month at $4.47 per square foot across 652 square feet; The Liberties on Bay II (711 Bay St) averages $2,869 per month at $3.61 per square foot across 812 square feet; and The Liberties on Bay III (44 Gerrard St W) commands $3,176 per month at $4.23 per square foot across 819 square feet.

The value proposition at 38 Elm at Plaza centers on delivering a competitive rate per square foot and more generous square footage compared to newer downtown inventory. Renters at 38 Elm at Plaza trade away ultra-modern finishes and compact 652 square foot layouts found in newer builds like Panda in exchange for larger traditional footprints that average 774 square feet. When evaluated against specific local alternatives, 38 Elm at Plaza offers a more accessible entry point than the $4.23 per square foot seen at The Liberties on Bay III, while providing a cost-effective alternative to the $4.47 per square foot charged at Panda.

Residents at 38 Elm at Plaza enjoy an extensive lifestyle and amenity package that stands out against neighbouring towers by offering traditional wellness and recreational spaces. Signature amenities at 38 Elm at Plaza include an indoor pool, a hot tub and jacuzzi, a sauna and steam room, a rooftop terrace, and a dedicated media and theatre room. When contrasted with nearby alternatives such as Panda—which incorporates modern additions like a yoga studio alongside a basketball court and rooftop terrace—or The Liberties on Bay II and III, which feature indoor running tracks and beauty parlours, 38 Elm at Plaza caters exceptionally well to residents seeking comprehensive wellness facilities and generous indoor social spaces without paying top-tier micro-condo pricing.