NEXT at Elgin East — Rental Market Data

NEXT at Elgin East has two active listings as of August 31, 2026, spanning a price range of $2,400 to $3,600 per month with an average and median asking rent of $3,000 per month. The two available suites average 942 square feet at a combined asking rate of $3.31 per square foot. Inventory is split evenly between a compact 1-Bedroom + Den entry-level layout and a spacious 3-Bedroom+ executive plan, with no two-bedroom units currently on the market.

The dominant active layout at NEXT at Elgin East is the 1-Bedroom + Den, accounting for one of two available units, or 50 percent of active inventory. The 1-Bedroom + Den lists at $2,400 per month across 650 square feet at $3.69 per square foot, while the 3-Bedroom+ tier offers a single unit at $3,600 per month across 1,233 square feet at $2.92 per square foot. Both tiers are single listings, meaning renters face zero redundancy in either bedroom category.

NEXT at Elgin East's two active listings span a $1,200 spread, from a minimum entry rent of $2,400 per month to a peak asking rent of $3,600 per month, a 50 percent differential. The median asking rent sits at $3,000 per month. The entry-level suite is a 1-Bedroom + Den at 650 square feet and $3.69 per square foot, while the peak offering is a 3-Bedroom+ plan at 1,233 square feet and $2.92 per square foot, reflecting a significant step-up in both footprint and total monthly cost.

NEXT at Elgin East does not have a quantified den premium or square-footage delta for its active 1-Bedroom + Den listing, as the sample is limited to a single unit and no paired comparison can be isolated. Parking stall costs also cannot be reliably quoted for this building, as the available data reflects an anomalous outlier or insufficient paired sample to establish a credible monthly add-on figure.

NEXT at Elgin East's active asking average of $3,000 per month and $3.31 per square foot compares to the Richmond Hill submarket asking benchmark of $2,800 per month and $3.82 per square foot. The building's nominal rent runs $200 above the submarket average, yet its per-square-foot rate is 13.4 percent lower than the submarket asking standard, a gap explained by the building's larger average suite footprint of 942 square feet versus the submarket norm. NEXT at Elgin East holds two of the 94 active listings across the Richmond Hill submarket, representing roughly 2.1 percent of total available inventory.

NEXT at Elgin East's all-time average realized lease rent of $2,639 per month runs $86 above the four-comp benchmark of $2,553, with the spread driven primarily by larger suite footprints rather than a per-square-foot premium. NEXT at Elgin East – Next Phase (2 David Eyer Rd, 0.07 km, 23 closed leases) averaged $2,463 per month at $3.59 per square foot across 697 square feet, meaning the subject commands a $176-per-month higher rent despite offering 167 more interior square feet. Bristol Condominiums (11611 Yonge St, 2.97 km, 10 closed leases) averaged $2,430 per month at $3.51 per square foot over 707 square feet, so the subject's rent is $209 higher while providing 157 additional square feet. Silverwoods I & II (11121 Yonge St, 2.4 km, 1 closed lease) posted a single-transaction average of $2,600 per month at $3.47 per square foot across 750 square feet, placing the subject $39 higher with 114 more square feet. Court (11211 Yonge Street, 2.54 km, 3 closed leases) averaged $2,717 per month at $2.80 per square foot over 982 square feet; here the subject trades at a $78-per-month lower rent because it provides 118 fewer interior square feet, so the nominal gap reflects footprint size rather than asset valuation.

NEXT at Elgin East leases at an average $3.09 per square foot across 864 square feet, a rate that undercuts three of four active nearby competitors on a per-square-foot basis while delivering more interior space than three of the four. Against NEXT at Elgin East – Next Phase, the subject trades at a $0.50 per square foot (13.9%) discount below the comp's $3.59 rate while providing 167 more interior square feet, so the higher nominal rent is entirely a footprint effect. Versus Bristol Condominiums, the subject offers a $0.42 per square foot (12.0%) discount against the comp's $3.51 rate and 157 additional square feet, reinforcing the same size-driven rent differential. Silverwoods I & II shows a similar pattern: the subject trades at a $0.38 per square foot (11.0%) discount below the comp's $3.47 rate while giving tenants 114 more square feet. Court is the exception—the subject commands a $0.29 per square foot (10.4%) premium over the comp's $2.80 rate but provides 118 fewer interior square feet, so the lower nominal rent here is a direct consequence of the smaller suite footprint rather than a weaker per-square-foot valuation.

NEXT at Elgin East fields a 14-item amenity suite that overlaps heavily with its nearest peer, NEXT at Elgin East – Next Phase, while differentiating on remote-work and creative-lifestyle programming. Both buildings share concierge security, gym, yoga studio, party room, business centre, media room, games room, music room, BBQ area, rooftop terrace, indoor kids' play room, and pet wash station; the Next Phase adds a childcare centre, dining room, and hobby room that the subject does not carry. Against Silverwoods I & II (2006), the subject replaces the older building's indoor pool, hot tub, sauna/steam, and library with a yoga studio, business centre, music room, and pet wash station—shifting the lifestyle emphasis from aquatic wellness to active fitness and creative use. Court (2026) leans into wellness-adjacent services (on-site medical centre, pharmacy, hair salon, massage therapy, badminton court) that the subject does not offer, while the subject counters with a dedicated meeting room, business centre, music room, and indoor kids' play room absent from Court's list. Bristol Condominiums (2018) provides a garden/courtyard and dining room the subject lacks, but the subject adds a yoga studio, business centre, media room, music room, indoor kids' play room, and pet wash station that Bristol does not. The package best serves young professionals and small families in Richmond Hill who prioritize a modern fitness-and-creative-lifestyle mix, on-site remote-work infrastructure, and pet-friendly convenience over aquatic or full-service wellness amenities.