The 500 — Rental Market Data

The 500 features 2 active listings as of August 31, 2026, spanning a price range of $2,450 to $4,500 per month with an average and median asking rent of $3,475 per month. Active suites average 975 square feet at an asking rate of $3.62 per square foot, equally split between compact entry-level units and larger multi-bedroom executive floor plans.

The 1-Bedroom + Den layout dominates current active inventory with 1 listing representing a 50 percent share of available suites. The 1-Bedroom + Den tier averages $2,450 per month across 650 square feet at an asking rate of $3.77 per square foot. The 3-Bedroom+ tier accounts for the remaining 50 percent share with 1 listing averaging $4,500 per month across 1,300 square feet at an asking rate of $3.46 per square foot.

The 500 carries a minimum entry rent of $2,450 per month and a peak asking rent of $4,500 per month, establishing a dollar spread of $2,050 per month or an 83.7 percent spread. Median asking rent matches the overall average at $3,475 per month, with the entry-level tier anchored by a 650 square foot 1-Bedroom + Den asking $3.77 per square foot, contrasting against the peak tier led by a 1,300 square foot 3-Bedroom+ suite asking $3.46 per square foot.

The 500 has insufficient active data to isolate den premiums or square footage deltas between standard and den configurations. Active parking premiums cannot be reliably isolated from current listings due to an insufficient paired sample. Verified historical leasing data indicates an established parking stall cost of $250 per month.

The 500 asks an average of $3,475 per month at $3.62 per square foot, comparing to the Cabbagetown submarket average asking rent of $3,178 per month and an asking rate of $4.33 per square foot. The lower nominal monthly outlay for certain suites is driven by layout configuration rather than cheaper unit pricing. The building's asking rate per square foot tracks 16.4 percent below the submarket asking benchmark while representing a 1.9 percent share of the 106 total active listings across the submarket.

The 500 achieves an average lease rent of $2,740 per month, which compares against the overall competitive average of $2,489 per month across key benchmarks including Verve, Earl Lofts, 159SW, and Steam Plant Lofts. Verve (120 Homewood Ave) reports an average lease rent of $2,811 per month at $3.67 per square foot across an average of 768 square feet. Earl Lofts (21 Earl St) records an average lease rent of $2,249 per month at $3.48 per square foot across 650 square feet. 159SW (159 Wellesley St E) commands an average lease rent of $2,494 per month at $4.09 per square foot across 624 square feet. Steam Plant Lofts (10 Wellesley Pl) posts an average lease rent of $2,400 per month at $3.69 per square foot across 650 square feet.

The 500 delivers a compelling value proposition by trading at an average of $3.62 per square foot across a generous average size of 765 square feet, positioning it below the submarket average of $4.23 per square foot while undercutting newer construction peers like 159SW. Renters at The 500 trade away the ultra-modern finishes and micro-suite footprints of newer builds in exchange for significantly larger living spaces at a lower cost per square foot. Specifically, tenants secure a more competitive rate per square foot than 159SW ($4.09 per square foot across 624 square feet) and Verve ($3.67 per square foot across 768 square feet), while capturing more expansive layouts than Earl Lofts (650 square feet at $3.48 per square foot) and Steam Plant Lofts (650 square feet at $3.69 per square foot).

The 500 provides an extensive lifestyle and amenity profile that compares favorably against surrounding historic and mid-market properties in the Cabbagetown micro-market. The building features signature amenities including a dedicated Concierge & Security service, a fully equipped Gym & Fitness Centre, a relaxing Sauna & Steam Room, a spacious Party & Lounge Room, and an expansive Rooftop Terrace with a BBQ Area. When compared against local alternatives, The 500 matches or exceeds the offering at Earl Lofts and Steam Plant Lofts (which are limited to basic party rooms, BBQ areas, and terraces) and rivals the pool and hot tub amenities found at Verve. While newer builds like 159SW introduce contemporary additions such as a pet wash station, yoga studio, and car share program, The 500's robust mix of traditional wellness, social, and outdoor facilities best serves value-conscious professionals and families seeking complete building infrastructure without paying top-tier micro-condo pricing.