The Tower — Rental Market Data

The Tower at 736 Bay Street holds two active listings as of August 31, 2026, with asking rents ranging from $2,950 to $3,800 per month, an average of $3,375 and a median of $3,375. The combined average suite size is 800 square feet at an asking rate of $4.27 per square foot. Both active units are two-bedroom configurations, with the 2-Bedroom tier representing 50 percent of available inventory and the 2-Bedroom + Den tier accounting for the remaining 50 percent, so current availability leans squarely toward multi-bedroom executive layouts rather than compact entry-level suites.

The dominant active layout at The Tower is the 2-Bedroom, with one unit representing 50 percent of available inventory at an average asking rent of $2,950 per month across 650 square feet and a rate of $4.54 per square foot. The 2-Bedroom + Den tier also holds one unit at 50 percent share, asking $3,800 per month for 950 square feet at $4.00 per square foot. No one-bedroom, studio, or three-bedroom units are currently listed for rent.

The Tower's two active listings span a dollar spread of $850 per month, from a minimum entry rent of $2,950 to a peak asking rent of $3,800, representing a 28.8 percent spread. The median asking rent sits at $3,375 per month. The entry-level suite is a 2-Bedroom at 650 square feet priced at $4.54 per square foot, while the peak offering is a 2-Bedroom + Den at 950 square feet priced at $4.00 per square foot, meaning the larger den-equipped unit actually commands a lower per-square-foot rate despite the higher monthly outlay.

The Tower's active den premium cannot be reliably quantified from current listings, as the den square-footage delta and marginal cost per square foot are unreported. Parking premiums likewise cannot be isolated from the two active listings due to an insufficient paired sample, so no reliable monthly parking add-on can be quoted for current availability. Historical lease data does confirm a verified parking premium of $81 per month established through past transactions at the building.

The Tower's active asking rent of $3,375 per month and $4.27 per square foot both trail the Downtown Core submarket benchmarks of $3,471 per month and $4.56 per square foot, placing the building at a 6.4 percent discount on a per-square-foot basis. Because the building's active suites average 800 square feet versus the submarket's typical lease size, the lower nominal rent is partly a function of larger unit footprints rather than purely cheaper unit pricing. The Tower's two active listings represent approximately 0.9 percent of the submarket's 224 total active listings, making it a negligible share of Downtown Core rental supply.

The Tower's average closed-lease rent of $2,527 per month sits $517 below the four-comp average of $3,044, reflecting its smaller suite sizes rather than a weaker rate structure. The Penrose at 750 Bay St leases at $3,268 per month ($3.67 per square foot on 896 sq ft), Residences of College Park II at 761 Bay St averages $3,074 ($3.89 per square foot on 800 sq ft), Lumiere at 770 Bay St closes at $2,956 ($4.17 per square foot on 714 sq ft), and Residences of College Park I at 763 Bay St transacts at $2,878 ($4.27 per square foot on 701 sq ft). Each competitor's higher absolute rent is driven by larger footprints, so the dollar spread masks the fact that The Tower actually trades at a per-square-foot premium over three of the four buildings.

The Tower leases at $4.22 per square foot on an average 611-square-foot suite, which is a $0.55 per square foot (15%) premium over The Penrose, a $0.33 per square foot (8.5%) premium over Residences of College Park II, and a marginal $0.05 per square foot (1.2%) premium over Lumiere, while sitting at a slight $0.05 per square foot (1.2%) discount below Residences of College Park I. Tenants choosing The Tower accept 285 fewer square feet than The Penrose's 896 sq ft, 189 fewer than College Park II's 800 sq ft, and 103 fewer than Lumiere's 714 sq ft, in exchange for a more compact, efficient layout in the oldest building on the block. Against Residences of College Park I, the subject offers 90 fewer square feet at a marginally lower per-foot rate, making it the most cost-competitive option per square foot in the immediate cluster for renters prioritizing a tight budget over raw interior volume.

The Tower's amenity package at 736 Bay Street is broader in wellness and social programming than any single competitor within 100 metres, despite the building's 1995 completion date. The Library & Reading Room is a feature absent from all four comparables, giving residents a quiet work-and-study space that none of the nearby buildings offer. The dedicated BBQ Area distinguishes The Tower from The Penrose, Residences of College Park I, and Residences of College Park II, all of which lack outdoor grilling facilities. The Hot Tub & Jacuzzi and Sauna & Steam Room combination is missing from Lumiere, which provides only a pool and squash court. Finally, the Rooftop Terrace at The Tower is not available at The Penrose, whose outdoor offering is limited to an indoor running track and aerobic studio. Together, these five signature features—library, BBQ, hot tub, sauna, and rooftop terrace—position The Tower as the lifestyle-complete option for young professionals and small households who want full wellness, social, and outdoor programming in a compact Downtown Core suite without stepping into a newer, larger, and more expensive building.