The Morgan — Rental Market Data

The Morgan at 438 Richmond Street West has one active listing as of August 31, 2026, asking $2,050 per month with a median rent of $2,050 and a minimum-to-maximum range of $2,050. The available suite averages 415 square feet at an asking rate of $4.94 per square foot. This single listing is a studio, meaning 100 percent of current active inventory leans toward compact entry-level configuration with no multi-bedroom executive layouts on the market.

The dominant and sole active layout at The Morgan is the studio, accounting for one listing and 100 percent of available inventory. That single studio asks $2,050 per month across 415 square feet at $4.94 per square foot. No one-bedroom, two-bedroom, or larger units are currently listed, so renters seeking additional bedrooms must source from the wider Downtown West submarket.

The Morgan's active pricing spread is $0, with both the minimum and peak asking rent at $2,050 per month, reflecting a single-listing inventory with zero percentage spread. The entry-level and peak suite are the same unit: a 415-square-foot studio priced at $4.94 per square foot. With only one listing on the market, there is no internal price gradient to compare across bedroom tiers or suite sizes.

The Morgan's active den premium and square-footage delta cannot be quantified due to insufficient paired sample data, so no marginal cost per square foot for extra den space can be reliably stated. Active parking premiums also cannot be reliably isolated from the current listing data, as the sample is too small or contains anomalous outliers to support a confident dollar figure. Historical lease records do confirm a verified parking add-on of $150 per month, which serves as the most reliable reference point for parking costs at this building.

The Morgan's active asking rate of $4.94 per square foot sits 2.7 percent above the Downtown West submarket asking benchmark of $4.81 per square foot, while the nominal monthly rent of $2,050 is well below the submarket average asking rent of $3,080. This nominal gap is fully explained by suite size: The Morgan's active studio at 415 square feet is 225 square feet smaller than the submarket implied average of 640 square feet, so the lower headline rent reflects a compact footprint rather than a discount. The building's single active listing represents 1 out of 170 available listings in the Downtown West submarket.

The Morgan's average realized lease rent of $2,607 per month sits $64 above the four-building comp benchmark of $2,543, with the spread driven primarily by its larger interior footprints rather than a higher per-square-foot rate. Fabrik at 435 Richmond Street West (0.04 km, 19 closed leases) averages $2,879 per month at $4.37 per square foot across 676-square-foot suites, meaning The Morgan trades at $272 per month lower than this immediate neighbour. The Woodsworth at 458 Richmond Street West (0.06 km, 9 closed leases) averages $2,192 per month at $4.44 per square foot across 498-square-foot suites, placing The Morgan's realized rent $415 per month higher—entirely a function of its 195 additional square feet per unit. The two 2026-completion buildings, 475 Queen Street West (0.08 km) and 400 Queen Street West (0.09 km), each recorded only one closed lease and remain in pre-occupancy phase; their single-transaction figures of $2,100 and $3,000 per month respectively do not constitute a reliable realized-rent benchmark for ongoing pricing comparisons.

The Morgan leases at $3.85 per square foot across an average 693-square-foot suite, positioning it at a discount below both active Richmond Street peers while commanding a premium over the two 2026 Queen Street deliveries. Against Fabrik, The Morgan trades at a $0.52 per square foot (11.9%) discount while providing 17 more interior square feet, so the lower nominal rent of $272 per month reflects a genuinely lower rate per unit of space rather than a smaller footprint. Against The Woodsworth, The Morgan trades at a $0.59 per square foot (13.3%) discount yet delivers 195 more interior square feet, which is why its $415-per-month higher nominal rent is entirely footprint-driven and not a signal of superior per-square-foot valuation. Against the two pre-completion Queen Street buildings, The Morgan commands a $1.07 per square foot (38.5%) premium over 475 Queen Street West and a $0.99 per square foot (34.6%) premium over 400 Queen Street West, but provides 63 fewer and 356 fewer interior square feet respectively; in both cases the higher per-square-foot rate is offset by a materially smaller interior footprint, keeping the total monthly outlay competitive for renters prioritizing space over rate.

The Morgan offers a 12-item lifestyle package spanning wellness, social, and remote-work programming that exceeds The Woodsworth's six-feature set and rivals Fabrik's 13-feature offering in the immediate Richmond Street corridor. The building's sauna and steam room, massage room, and dedicated yoga studio are absent from both Fabrik and The Woodsworth, giving The Morgan a distinct aquatic-wellness and therapeutic edge that neither active peer matches. Fabrik counters with a pet wash station, car-sharing program, and library reading room that The Morgan does not provide, while the two 2026 Queen Street buildings introduce an outdoor pool and garden courtyard (475 Queen Street West) or operate with no common amenities at all (400 Queen Street West). For a renter weighing lifestyle value against cost, The Morgan's combination of a rooftop terrace, full gym, dining room, games room, media theatre, meeting room, BBQ area, and the wellness trio of sauna, steam, and massage room is best suited to professionals aged 28 to 45 who want a full-service residential experience without the premium per-square-foot pricing of the newer, smaller-footprint product now entering this block.