Waterview III & IV - Explorer — Rental Market Data

Waterview III & IV – Explorer has two active listings as of August 31, 2026, spanning a price range of $2,200 to $5,900 per month with an average asking rent of $4,050 and a median of $4,050. The two suites average 950 square feet at a combined asking rate of $4.72 per square foot, split evenly between a compact one-bedroom and a spacious two-bedroom-plus-den layout. With only one unit in each tier, inventory is neither skewed toward entry-level compact suites nor toward multi-bedroom executive layouts; it is simply a single listing in each category.

The dominant active layout at Waterview III & IV – Explorer is the one-bedroom tier, holding one of two available units for a 50 percent inventory share. The one-bedroom asks $2,200 per month across 400 square feet at $5.50 per square foot, while the two-bedroom-plus-den unit lists at $5,900 per month across 1,500 square feet at $3.93 per square foot. Both tiers represent single listings, so no tier offers a comparative selection for renters.

Waterview III & IV – Explorer's active asking rents range from a minimum of $2,200 to a peak of $5,900 per month, producing a dollar spread of $3,700 and a percentage spread of 168.2 percent. The median asking rent sits at $4,050 per month. The entry-level suite is a one-bedroom of 400 square feet priced at $5.50 per square foot, while the peak listing is a two-bedroom-plus-den of 1,500 square feet priced at $3.93 per square foot, illustrating how the compact footprint of the lower unit drives a materially higher per-square-foot rate despite the lower nominal rent.

Den premiums and marginal cost per square foot for additional den space at Waterview III & IV – Explorer cannot be quantified from current active data, as the single two-bedroom-plus-den listing does not provide a paired comparison to a same-tier unit without a den. Active parking stall premiums also cannot be reliably isolated; the available sample contains anomalous outliers or insufficient paired data to produce a defensible monthly figure, so no parking add-on cost is quoted here.

Waterview III & IV – Explorer's average active asking rent of $4,050 per month and $4.72 per square foot both exceed the Mimico submarket asking benchmarks of $3,313 per month and $4.43 per square foot, placing the building 6.5 percent above the submarket on a rate-per-square-foot basis. The nominal rent gap of roughly $737 per month is largely explained by the building's larger average suite footprint of 950 square feet versus the submarket norm, which compresses the per-square-foot differential to a more moderate premium. The building currently represents two out of 51 available listings in the Mimico submarket, a 3.9 percent share of total active inventory.

Waterview III & IV – Explorer's one-year average realized rent of $2,625 per month sits $365 below the four-comp benchmark of $2,990, driven primarily by the outlier pull of Riva del Lago's larger suites. Against Waterscapes at Waterview (80 Marine Parade Dr, 0.07 km, 9 closed leases, $2,949 average rent, $3.82 per square foot, 798 sq ft), the subject trades at a $324-per-month discount. Nautilus at Waterview (16 Brookers Lane, 0.12 km, 14 closed leases, $2,608 average rent, $3.72 per square foot, 736 sq ft) shows the subject commanding a $17-per-month premium. The Cove at Waterways (39 Annie Craig Dr, 0.13 km, 15 closed leases, $2,598 average rent, $4.11 per square foot, 642 sq ft) places the subject $27 higher. Riva del Lago (110 Marine Parade Dr, 0.18 km, 9 closed leases, $3,806 average rent, $3.84 per square foot, 991 sq ft) is the clear outlier, with the subject trading $1,181 lower—a gap almost entirely attributable to Riva's 283-square-foot larger average suite rather than a weaker per-square-foot rate.

At $4.01 per square foot across an average 708-square-foot suite, Waterview III & IV – Explorer offers a higher unit rate than three of four nearby competitors while delivering fewer interior square feet than all but The Cove at Waterways. Versus Waterscapes at Waterview, the subject trades at a $0.19 per square foot (5.0%) premium yet provides 90 fewer interior square feet, so the $324 lower monthly rent reflects the smaller footprint rather than a weaker asset valuation. Against Nautilus at Waterview, the subject commands a $0.29 per square foot (7.8%) premium with 28 fewer square feet, producing a near-parity $17 monthly difference. The Cove at Waterways is the one comp where the subject trades at a $0.10 per square foot (2.4%) discount while providing 66 more interior square feet, making it the most space-efficient option in the cluster for budget-sensitive renters. Riva del Lago carries a $0.17 per square foot (4.4%) premium over the subject but delivers 283 additional square feet, which is why its $3,806 average rent dwarfs the subject's $2,625 despite a comparable per-square-foot rate.

Waterview III & IV – Explorer fields a 17-item amenity suite that includes a Spa Centre, Business Centre, and Dining Room & Kitchen—three features absent from at least three of its four direct competitors. The Spa Centre is unique to the subject in this immediate pocket; no comp at 80 Marine Parade Dr, 16 Brookers Lane, 39 Annie Craig Dr, or 110 Marine Parade Dr lists an equivalent dedicated spa facility. The Business Centre appears only at the subject and Nautilus, while the Dining Room & Kitchen is shared with Nautilus and The Cove but missing from Waterscapes and Riva del Lago. Conversely, Waterscapes offers an on-site grocery store and Pet Wash Station, The Cove adds a Spin Studio, Cool plunge, and Massage rooms, and Riva del Lago includes a Pet Wash Station—features the subject does not carry. The subject's package, anchored by the indoor pool, hot tub, sauna, gym, rooftop terrace, and the distinctive Spa Centre, is best suited to professionals and small households who value a full-service wellness and social environment without needing pet-specific or boutique fitness add-ons.