The Residences of 488 University Avenue — Rental Market Data

The Residences of 488 University Avenue features 9 active listings as of August 31, 2026, commanding a price range between $3,200 and $5,500 per month with an average asking rent of $3,956 per month and a median asking rent of $3,750 per month. Active inventory averages 817 square feet with an average asking rate of $4.87 per square foot, anchored by 2-Bedroom configurations representing 55.6% of available units. The current active inventory leans toward multi-bedroom configurations rather than compact entry-level layouts.

The dominant active layout at The Residences of 488 University Avenue is the 2-Bedroom configuration, accounting for 5 units and a 55.6% inventory share. Available 2-Bedroom suites average $3,690 per month across 750 square feet at an asking rate of $4.94 per square foot. Small selections of 1-Bedroom + Den units and 3-Bedroom+ suites round out the inventory, with 1-Bedroom + Den layouts averaging $3,325 per month across 700 square feet at $4.79 per square foot, and 3-Bedroom+ suites averaging $5,250 per month across 1,100 square feet at $4.77 per square foot.

The Residences of 488 University Avenue exhibits a minimum entry rent of $3,200 per month and a peak asking rent of $5,500 per month, creating a dollar spread of $2,300 per month or a 71.9% pricing spread. The median asking rent sits at $3,750 per month. The entry-level tier consists of a 1-Bedroom + Den suite spanning 749 square feet with an asking rate of $4.27 per square foot, while the peak tier is anchored by a 3-Bedroom+ suite measuring 1,100 square feet at an asking rate of $5.00 per square foot.

Active den premium data for The Residences of 488 University Avenue cannot be quantified as den square footage deltas and marginal costs are currently unavailable. Furthermore, active parking premium data cannot be reliably isolated due to an insufficient paired sample of listings. Prospective tenants should evaluate parking stall availability and associated fees directly through individual leasing agents.

The Residences of 488 University Avenue commands an average asking rent of $3,956 per month at $4.87 per square foot, exceeding the Downtown West submarket asking benchmark of $3,080 per month while trading at a marginal 1.2% premium over the submarket asking rate of $4.81 per square foot. Higher nominal asking rents are driven by larger average suite square footage compared to the broader submarket. The building accounts for 9 active listings out of 170 total active suites across the submarket.

The Residences of 488 University Avenue achieves an average leased rate of $3,716 per month, trading higher than the overall comparable average of $3,454 per month across benchmarks such as Wynford Condominiums, One Park Lane I, and One Park Lane II. Individual competitor metrics show Wynford Condominiums located at 1715 Edgecliff Golfway E averaging $2,600 per month at $2.74 per square foot across 950 square feet. One Park Lane I at 280 Simcoe St reports an average lease rent of $4,286 per month at $3.06 per square foot across an average of 1,398 square feet. One Park Lane II at 195 St Patrick St records an average lease rent of $3,475 per month at $2.80 per square foot across 1,250 square feet. West One - CityPlace at Unknown Address currently maintains zero active lease transactions in the reporting window.

The Residences of 488 University Avenue establishes its value proposition through a modern lease rate averaging $4.57 per square foot across an average footprint of 814 square feet, positioning itself at a premium over older neighboring alternatives in the Downtown West submarket. Renters evaluating these options trade away the sprawling, older square footage found in legacy buildings—such as the 1,398 square feet at One Park Lane I at $3.06 per square foot or the 1,250 square feet at One Park Lane II at $2.80 per square foot—in exchange for superior layout efficiency, modern mechanical systems, lower utility burdens, and contemporary interior finishes. While older properties like Wynford Condominiums at 1715 Edgecliff Golfway E offer lower entry points at $2.74 per square foot across 950 square feet, the subject building targets tenants willing to pay for newer construction standards and central urban access.

The Residences of 488 University Avenue delivers an extensive luxury lifestyle and amenity profile that outpaces traditional nearby competitors through a curated suite of wellness and recreational spaces. The subject building distinguishes itself with signature amenities including an indoor pool, outdoor pool, sky-spanning SkySpa, dedicated yoga and spin studios, and a comprehensive martial arts and boxing room, contrasting with the more basic offerings of older peers like Wynford Condominiums, which provides a standard indoor pool, gym, and party room without specialized fitness studios or outdoor aquatic facilities. Similarly, while One Park Lane I and One Park Lane II feature standard indoor pools, squash courts, and rooftop terraces, they lack modern lifestyle additions such as the dedicated spin studio, business centre, and extensive wellness facilities found at the subject property. This robust amenity package primarily serves affluent urban professionals, medical practitioners, and executives seeking a full-service hospitality living experience in the core.