Lago — Rental Market Data

Lago has two units actively listed as of August 31, 2026, with asking rents ranging from $2,300 to $2,500 per month, an average of $2,400, and a median of $2,400. The average suite size across both listings is 618 square feet at a blended asking rate of $3.92 per square foot. Both active units are one-bedroom configurations (one standard, one with a den), so current inventory skews toward compact entry-level and small executive layouts rather than multi-bedroom family suites.

The dominant active layout at Lago is the one-bedroom, with one listing representing 50 percent of available inventory at an average asking rent of $2,300 per month across 550 square feet and a rate of $4.18 per square foot. The remaining 50 percent is a single one-bedroom-plus-den unit listed at $2,500 per month for 685 square feet at $3.65 per square foot. With only one unit in each tier, both represent individual transactions rather than a broader sample, limiting the ability to draw layout-level pricing trends.

Lago's active asking rents span from a minimum of $2,300 per month to a peak of $2,500 per month, a dollar spread of $200 and a percentage spread of 8.7 percent. The median asking rent sits at $2,400 per month. The entry-level suite is a one-bedroom at 550 square feet priced at $4.18 per square foot, while the peak listing is a one-bedroom-plus-den at 685 square feet carrying a lower per-square-foot rate of $3.65, reflecting the additional den space rather than a premium on the base bedroom configuration.

At Lago, the active den premium is quantified at $200 per month for an additional 135 square feet of den space, translating to a marginal cost of $1.48 per square foot for the extra area. Active parking stall premiums cannot be reliably isolated from the current data set due to an insufficient paired sample, so no verified monthly parking add-on figure is available for these two listings.

Lago's active asking average of $2,400 per month and $3.92 per square foot compares favourably against the Mimico submarket asking benchmarks of $3,313 per month and $4.43 per square foot, placing the building 11.5 percent below the neighbourhood rate per square foot. The nominal rent gap of roughly $900 per month is largely a function of suite size: Lago's active average footprint of 618 square feet is meaningfully smaller than what the submarket asking average implies, so the per-square-foot comparison is the more accurate measure of value. The building currently accounts for 2 out of 51 available listings in the Mimico submarket, a 3.9 percent share of total active inventory.

Lago's average realized lease rent of $2,692 per month trades $281 below the four-comp blended benchmark of $2,973, with the spread driven primarily by the large-suite premium at Riva del Lago. Ocean Club – Boutique at 60 Annie Craig Dr (0.05 km, one closed lease) averaged $2,500 per month at $3.33 per square foot over 750 square feet, meaning Lago commands a $192-per-month higher rent than this low-volume reference. Riva del Lago at 110 Marine Parade Dr (0.06 km, nine closed leases) averaged $3,806 per month at $3.84 per square foot over 991 square feet, placing Lago $1,114 per month below that benchmark. The Cove at Waterways at 39 Annie Craig Dr (0.07 km, fifteen closed leases) averaged $2,598 per month at $4.11 per square foot over 642 square feet, so Lago realizes a $94-per-month higher rent on a nearly identical footprint. Ocean Club – Tower at 59 Annie Craig Dr (0.10 km, fifteen closed leases) averaged $2,989 per month at $3.96 per square foot over 765 square feet, with Lago trading $297 per month lower than that figure.

Lago leases at $3.99 per square foot over an average 643-square-foot suite, a rate that sits $0.18 above the four-comp blended benchmark of $3.81 per square foot while offering 144 fewer square feet than the comp average of 787. Against Riva del Lago, the subject trades at a $0.15-per-square-foot (3.9%) premium yet provides 348 fewer interior square feet, so the $1,114-per-month nominal rent gap is driven by Riva del Lago's substantially larger 991-square-foot footprint rather than a lower asset valuation at Lago. Ocean Club – Tower presents a similar dynamic: Lago commands a $0.03-per-square-foot (0.8%) premium while delivering 122 fewer square feet, meaning the $297-per-month rent difference reflects the size delta, not a discount in per-unit pricing. The Cove at Waterways is the one comp where Lago offers a genuine rate advantage, trading at a $0.12-per-square-foot (2.9%) discount below that building's $4.11 rate on essentially identical 642-to-643-square-foot suites, making it the cleanest like-for-like value comparison in the pocket. Ocean Club – Boutique, with only one closed lease, serves as an architectural reference; Lago trades at a $0.66-per-square-foot (19.8%) premium over its $3.33 rate while providing 107 fewer square feet, a spread that reflects both the per-unit rate gap and the smaller footprint.

Lago offers a fourteen-feature lifestyle package anchored by an indoor pool, hot tub, sauna and steam room, gym, yoga studio, meeting room, and a car wash bay, positioning it as a full-service residential building within the Mimico cluster. The most notable gap across the peer set is the rooftop terrace: all four comparables—Ocean Club – Boutique, Riva del Lago, The Cove at Waterways, and Ocean Club – Tower—include a rooftop terrace that Lago does not, and three of the four also feature a dedicated dining room and kitchen absent from Lago's floor plan. The Cove at Waterways extends further with a spin studio, library and reading room, cool plunge, and massage rooms, while Ocean Club – Tower adds an on-site restaurant and free common-area WiFi. Lago's distinguishing features relative to the broader set are the car wash bay (shared only with Riva del Lago) and the meeting room (shared with Riva del Lago and The Cove at Waterways), giving it a practical, convenience-oriented edge for tenants who value in-building vehicle maintenance and a dedicated work or event space. This amenity mix best serves the cost-conscious professional or young couple who prioritizes aquatic wellness, fitness, and everyday convenience over rooftop social spaces or restaurant-level hospitality, and who are comfortable trading a rooftop lounge for a lower monthly rent on a compact, efficiently laid-out suite.