Horizon on Bay — Rental Market Data

Horizon on Bay carries five active listings as of August 31, 2026, spanning $2,450 to $3,000 per month with an average asking rent of $2,730 and a median of $2,700. The active portfolio averages 748 square feet at $3.70 per square foot, and 80 percent of available units are 1-Bedroom + Den configurations, signaling that current inventory leans toward compact entry-level suites rather than multi-bedroom executive layouts.

The dominant active layout at Horizon on Bay is the 1-Bedroom + Den, accounting for four of five listings (80 percent) at an average asking rent of $2,663 per month across 701 square feet and $3.83 per square foot. The remaining 20 percent is a single 2-Bedroom unit listed at $3,000 per month for 935 square feet at $3.21 per square foot, representing a one-unit tier with no additional options in that category.

Horizon on Bay's five active listings span a $550 spread (22.4 percent), from a minimum entry rent of $2,450 per month to a peak asking rent of $3,000 per month. The entry-level suite is a 1-Bedroom + Den at 650 square feet and $3.77 per square foot, while the peak listing is a 2-Bedroom at 935 square feet and $3.21 per square foot, with the median asking rent sitting at $2,700 per month.

Active den premiums at Horizon on Bay cannot be reliably quantified from the current sample, as the dollar amount and square-footage delta for den space are not isolated in the available data. Verified parking stalls carry a confirmed premium of $175 per month, a figure consistent with the building's established Downtown Core positioning.

Horizon on Bay's active asking average of $2,730 per month at $3.70 per square foot sits well below the Downtown Core submarket asking benchmark of $3,471 per month at $4.56 per square foot, a 18.9 percent discount on a per-square-foot basis. The nominal rent gap narrows when accounting for suite size: active listings average 748 square feet, so the lower absolute rent partly reflects more compact footprints rather than a pure rate concession. The building represents five out of 224 available listings in the submarket, or roughly 2.2 percent of total active Downtown Core inventory.

Horizon on Bay's average realized lease rent of $2,865 per month sits $79 above the four-comparable benchmark of $2,786, with the spread driven primarily by the building's larger average suite size rather than a rate premium. Panda at 20 Edward Street (0.12 km, 89 closed leases) averages $2,855 per month at $4.47 per square foot across 652 square feet, placing it just $10 below the subject. 38 Elm at Plaza on 38 Elm Street (0.09 km, 11 closed leases) rents at $2,583 per month, $282 below Horizon on Bay, at $3.35 per square foot over 772 square feet. 126 Dundas Street (0.14 km, 3 closed leases) shows an average of $1,883 per month at $3.81 per square foot across 517 square feet, though its 2026 completion year means the sample reflects early-occupancy pricing. Motion at 570 Bay Street (0.16 km, a single lease transaction) recorded $3,823 per month at $3.52 per square foot over 1,086 square feet, a figure that reflects a premium two-bedroom layout rather than a market-wide rate.

Horizon on Bay leases at $3.36 per square foot across 870 square feet of average interior space, a combination that undercuts the comp benchmark of $3.79 per square foot and 757 square feet while delivering a larger physical footprint to the renter. Against Panda (0.12 km), the subject trades at a $1.11 per square foot discount—24.8 percent below the comp's $4.47 rate—while providing 218 more square feet, meaning the nominal rent is only $10 higher despite a substantially larger unit. Versus 38 Elm at Plaza (0.09 km), the subject commands a $0.01 per square foot premium over the comp's $3.35 rate and delivers 98 additional square feet, with the $282 monthly rent gap reflecting the extra space rather than a valuation premium. Against Motion (0.16 km), the subject trades at a $0.16 per square foot discount and provides 216 fewer square feet, so the $958 lower monthly rent is driven by the smaller footprint rather than a weaker asset valuation. The 126 Dundas Street comparison (0.14 km) shows a $0.45 per square foot discount and 353 more square feet, though the three-lease sample from a building still in its 2026 delivery window limits pricing confidence.

Horizon on Bay fields a 15-feature amenity suite that includes an indoor pool, hot tub, sauna and steam room, squash and racquetball court, basketball court, jogging track, and garden courtyard—facilities that collectively outpace every nearby competitor. Panda at 20 Edward Street (0.12 km) offers a yoga studio and basketball court but lacks the aquatic trio (pool, hot tub, sauna), the squash court, the jogging track, and the garden courtyard. 38 Elm at Plaza (0.09 km) shares the pool, hot tub, and sauna with the subject but adds a kids' play room and library that Horizon on Bay does not carry, while omitting the squash court, basketball court, jogging track, and garden. Motion at 570 Bay Street (0.16 km) and 126 Dundas Street (0.14 km) trail significantly, with Motion providing a gym and rooftop terrace but no aquatic or court facilities, and 126 Dundas Street offering only a shared laundry room. The building's full-service lifestyle package—spanning aquatic wellness, competitive court sports, and outdoor recreation—best serves the professional renter seeking a turnkey urban residence with resort-style amenities without the per-square-foot premium of newer, smaller-footprint competitors.