The Summit II — Rental Market Data

The Summit II at 705 King St W has two active listings as of August 31, 2026, spanning $2,500 to $4,000 per month with an average asking rent of $3,250 and a median of $3,250. The average active suite measures 825 square feet at an asking rate of $3.92 per square foot. Both available units are single-listing tiers: one one-bedroom at 650 square feet and one two-bedroom plus den at 1,000 square feet, so the current inventory splits evenly between a compact entry-level layout and a spacious executive floor plan rather than clustering in any single bedroom category.

The Summit II's active inventory is split evenly between a one-bedroom and a two-bedroom plus den, each representing 50 percent of the two available units. The one-bedroom lists at $2,500 per month for 650 square feet at $3.85 per square foot, while the two-bedroom plus den asks $4,000 per month for 1,000 square feet at $4.00 per square foot. With only one listing in each tier, renters cannot compare multiple options within a single bedroom category and must evaluate each unit on its individual merits.

The Summit II's two active listings span a $1,500 spread, from a $2,500 entry point to a $4,000 peak, a 60 percent range with a median asking rent of $3,250 per month. The entry-level one-bedroom offers 650 square feet at $3.85 per square foot, while the peak two-bedroom plus den provides 1,000 square feet at $4.00 per square foot. The dollar gap between the two units reflects both the additional bedroom and den space and the 350-square-foot increase in total footprint.

The Summit II's active den premium and the marginal cost per square foot for extra den space cannot be quantified from the current two-unit sample, as no paired den versus non-den comparison is available. Active parking stall premiums also cannot be reliably isolated; the data set flags the parking figures as an unreliable outlier or insufficient paired sample, so no specific monthly parking cost should be assumed for either listing.

The Summit II's active asking rent of $3,250 per month and $3.92 per square foot compare to the Downtown West submarket averages of $3,080 per month and $4.81 per square foot, placing the building 18.5 percent below the area asking rate per square foot. The higher nominal monthly rent at The Summit II is driven by its 825-square-foot average suite size, which exceeds the submarket implied average of 640 square feet by 185 square feet, so renters are paying for materially more space rather than a per-square-foot premium. The building's two active listings represent a small slice of the broader market, accounting for 2 out of 170 available listings in the Downtown West submarket.

The Summit II's average realized lease rent of $2,625 per month sits $276 below the four-comp benchmark of $2,901, with the spread driven primarily by two newer, higher-renting competitors. The Summit I at 701 King St W (0.02 km, 7 closed leases) averaged $2,232 per month at $3.29 per square foot across 693 square feet, meaning The Summit II commands a $393-per-month higher realized rent than its immediate neighbour. The Summit III at 725 King St W (0.06 km, 2 closed leases) averaged $2,425 per month at $3.68 per square foot across 660 square feet, placing The Summit II $200 higher in nominal rent. The Westside at 700 King St W (0.07 km, 5 closed leases) averaged $3,255 per month at $3.37 per square foot across 970 square feet, so The Summit II trades at a $630-per-month lower rent. West House at 88 Bathurst Street (0.11 km, 11 closed leases) averaged $3,692 per month at $5.33 per square foot across 687 square feet, placing The Summit II $1,067 lower in realized rent. All four comparables recorded closed lease transactions over the trailing 180 days, so each provides an active pricing reference rather than a zero-volume architectural benchmark.

The Summit II leases at $3.50 per square foot across an average 750-square-foot suite, trading at a discount below the $3.92-per-square-foot comp-set average while offering essentially the same interior footprint as the 753-square-foot comp norm. Against The Summit I, The Summit II commands a $0.21-per-square-foot (6.4 percent) premium and provides 57 more interior square feet, yet still realizes a higher nominal rent of $393 per month, reflecting both the rate advantage and the larger suite. Against The Summit III, The Summit II trades at a $0.18-per-square-foot (4.9 percent) discount and provides 90 more interior square feet, so the $200-per-month higher nominal rent is driven entirely by the expanded footprint rather than a per-square-foot valuation premium. Against The Westside, The Summit II commands a $0.13-per-square-foot (3.9 percent) premium but provides 220 fewer interior square feet; the $630-per-month lower nominal rent is therefore a direct function of the smaller suite size, not a weaker per-square-foot valuation. Against West House, The Summit II trades at a $1.83-per-square-foot (34.3 percent) discount and provides 63 more interior square feet, meaning both the rate and the nominal rent are lower, reflecting the 2025 building's premium positioning in a fundamentally different asset class.

The Summit II offers a 19-amenity lifestyle package that is broader than any single competitor in this immediate pocket, combining aquatic, fitness, recreational, and business facilities under one roof. The building's Hot Tub & Jacuzzi, Indoor Pool, Squash & Racquetball Court, Media & Theatre Room, Library & Reading Room, and on-site Convenience Store are each absent from at least one named competitor: The Westside (2000) lacks the indoor pool, squash court, media room, library, and convenience store; West House (2025) lacks the indoor pool, hot tub, squash court, media room, library, and convenience store but differentiates with a Golf Simulator, Dog Run, Pet Lounge, and Pool Cabanas. The Summit I shares most aquatic and recreational features but omits the Hot Tub & Jacuzzi, Library & Reading Room, Garden & Courtyard, and Convenience Store found at The Summit II. The Summit III adds a Yoga Studio not present at the subject but otherwise mirrors the aquatic and fitness core. This full-service, no-frills-omission package—spanning pool, gym, squash, sauna, business centre, and convenience retail—best serves cost-conscious professionals and families seeking a turnkey lifestyle without the per-square-foot premium of 2025-era stock like West House.