Papillon Place III — Rental Market Data

Papillon Place III has one active listing as of August 31, 2026, asking $2,950 per month with both the minimum and maximum rent at that same figure. The available suite spans 945 square feet at $3.12 per square foot, and the 100 percent layout share belongs to a two-bedroom configuration. With only a single unit on the market, inventory is neither skewed toward compact entry-level suites nor multi-bedroom executive layouts; it represents one mid-range two-bedroom offering in an otherwise fully occupied building.

The sole active layout at Papillon Place III is a two-bedroom suite, accounting for 100 percent of available inventory with one listing at $2,950 per month. That unit measures 945 square feet and carries a rate of $3.12 per square foot. No one-bedroom, three-bedroom, or den-included configurations are currently listed, so renters seeking alternative bedroom counts must look to other Mississauga West buildings.

Papillon Place III's single active listing sets both the minimum and maximum asking rent at $2,950 per month, producing a dollar spread of zero and a percentage spread of zero. The entry-level and peak suite are the same unit: a 945-square-foot two-bedroom at $3.12 per square foot. With only one listing on the market, there is no internal price gradient to evaluate, and the median asking rent equals the sole asking price of $2,950 per month.

Den premium data for Papillon Place III cannot be quantified, as no active den-included listings exist to isolate the marginal cost of additional den space. Parking stall premiums also cannot be reliably isolated from the current sample; the available paired data is insufficient to produce a defensible monthly figure, and no parking add-on cost should be assumed or quoted for this building's active inventory.

Papillon Place III's active asking rate of $3.12 per square foot is 14 percent below the Mississauga West submarket asking benchmark of $3.63 per square foot, positioning the building as a more competitive per-square-foot option despite its higher nominal monthly rent. The $2,950 asking rent exceeds the submarket average asking rent of $2,685 per month, but that gap is explained by the active suite's 945-square-foot footprint versus the smaller average unit sizes driving the submarket average. Papillon Place III holds one out of 47 available listings in the Mississauga West submarket, representing roughly 2 percent of total active inventory in the area.

Papillon Place III's average realized lease rent of $2,500 per month sits $85 below the four-comp benchmark of $2,585 per month, with the subject trading lower than three of four nearby competitors. Papillon Place II at 4889 Kimbermount Ave (0.06 km, three closed leases) averaged $2,633 per month at $3.13 per square foot across 850 square feet, placing the subject $133 per month below that mark. Miracle in Mississauga at 4900 Glen Erin Dr (0.07 km, six closed leases) realized $2,508 per month at $3.25 per square foot over 774 square feet, a mere $8 per month above the subject. Papillon Place I at 4879 Kimbermount Ave (0.14 km, three closed leases) averaged $2,467 per month at $3.33 per square foot across 750 square feet, making the subject $33 per month higher than this peer. Downtown Erin Mills at 4633 Glen Erin Dr (0.21 km, fifteen closed leases) commanded $2,732 per month at $3.42 per square foot over 800 square feet, leaving the subject $232 per month below that benchmark.

Papillon Place III's leased rate of $3.43 per square foot across a 731-square-foot average suite positions it at a premium over every active competitor on a per-square-foot basis while delivering the smallest interior footprint in the cluster. Against Papillon Place II, the subject trades at a $0.30 per square foot (9.6%) premium while providing 119 fewer interior square feet, meaning the lower nominal rent of $133 per month is driven entirely by the reduced interior footprint rather than a weaker asset valuation. Compared with Miracle in Mississauga, the subject commands a $0.18 per square foot (5.5%) premium over 43 fewer square feet, with the $8-per-month rent differential reflecting that compact-suite trade-off. Versus Papillon Place I, the subject carries a $0.10 per square foot (3.0%) premium across 19 fewer square feet, and here the subject actually realizes $33 per month more than the comp despite the smaller footprint. Against Downtown Erin Mills, the subject holds a marginal $0.01 per square foot (0.3%) premium over 69 fewer square feet, with the $232-per-month lower nominal rent attributable to the smaller interior area rather than a discount in per-unit pricing.

Papillon Place III offers a 14-feature lifestyle package that includes an indoor pool, hot tub and jacuzzi, golf simulator, media and theatre room, yoga studio, dining room and kitchen, rooftop terrace, sauna and steam room, and concierge security—placing it at or above the amenity density of every nearby competitor. The subject's media and theatre room is absent from Papillon Place II, its hot tub and jacuzzi plus dedicated dining room and kitchen are not offered at Miracle in Mississauga, its yoga studio is missing from Papillon Place I, and its golf simulator, hot tub and jacuzzi, media and theatre room, dining room and kitchen, and yoga studio are all absent from Downtown Erin Mills. The one notable gap is the lack of EV charging stations found at both Papillon Place II and Papillon Place I, as well as the outdoor garden courtyard and children's playground present at Downtown Erin Mills. This amenity profile—centred on aquatic recreation, fitness, remote-work meeting space, and social dining—best serves mid-career professionals and small households in the Erin Mills corridor who prioritize a full-service lifestyle building within walking distance of retail and transit over the outdoor family-oriented features of the 2018-built Downtown Erin Mills.