The Penrose — Rental Market Data

The Penrose currently maintains 3 active listings as of August 31, 2026, with an asking price range spanning from $3,350 to $4,100 per month and an average rent of $3,717 per month alongside a median asking rent of $3,700 per month. Active suites average 967 square feet with an asking rate of $3.96 per square foot. Two-bedroom configurations hold a dominant 100 percent share of current inventory, meaning active listings lean exclusively toward spacious multi-room layouts rather than compact entry-level suites.

The dominant active layout at The Penrose is the two-bedroom tier, representing all 3 active listings and a 100 percent share of current inventory. Two-bedroom suites command an average rent of $3,717 per month across an average size of 967 square feet, resulting in an asking rate of $3.96 per square foot. There are zero active listings available for one-bedroom or three-bedroom layouts.

The Penrose features a minimum entry rent of $3,350 per month and a peak asking rent of $4,100 per month, generating a dollar spread of $750 and a percentage spread of 22.4 percent. Median asking rent stands at $3,700 per month. The entry-level option consists of a 2-bedroom suite measuring 950 square feet priced at $3.53 per square foot, while the peak tier comprises a 2-bedroom suite spanning 1,200 square feet listed at $3.42 per square foot.

The Penrose shows no active den premium data as den square footage deltas are unquantified and unavailable. Active parking premium data cannot be reliably isolated due to an insufficient paired sample, so parking stall costs cannot be definitively stated from current listings.

The Penrose asks an average rent of $3,717 per month at $3.96 per square foot, coming in lower than the Downtown Core submarket asking average of $3,471 per month and $4.56 per square foot. The building's asking rate per square foot sits 13.2 percent below the submarket asking benchmark, supported by 3 active listings that account for 1.3 percent of total submarket inventory.

The Penrose achieves an average lease rent that compares favourably against the overall competitive benchmark average of $2,859 per month across nearby properties including The Tower, Lumiere, Residences of College Park II, and Residences of College Park I. Individual competitor benchmarks include The Tower at 736 Bay St, which recorded an average lease rent of $2,527 per month at $4.22 per square foot across an average of 611 square feet; Lumiere at 770 Bay St, reporting $2,956 per month at $4.17 per square foot across 714 square feet; Residences of College Park II at 761 Bay St, averaging $3,074 per month at $3.89 per square foot across 800 square feet; and Residences of College Park I at 763 Bay St, posting $2,878 per month at $4.27 per square foot across 701 square feet.

The Penrose establishes its value proposition by offering a lower leased rate per square foot and more generous average suite dimensions compared to its immediate micro-market alternatives and the broader downtown submarket. Renters at The Penrose trade off ultra-modern finishes and compact modern footprints for significantly larger living spaces, enjoying substantial interior room without facing the elevated per-square-foot penalties seen in tighter competing floor plans. Specifically, while competitors like The Tower command up to $4.22 per square foot for 611 square feet and Residences of College Park I reach $4.27 per square foot for 701 square feet, The Penrose delivers expansive layouts averaging 891 square feet at a much more competitive structural value.

Residents at The Penrose enjoy a comprehensive, established lifestyle and amenity profile that matches or exceeds the offerings found across competing downtown towers. The building features signature amenities including an indoor pool, hot tub and jacuzzi, a sauna and steam room, an indoor running track, and an aerobic studio, directly rivaling fitness and wellness spaces found at Lumiere, which features a yoga studio and squash court, as well as the golf simulators and garden courtyards found at Residences of College Park I and II. This robust wellness and recreational infrastructure makes The Penrose particularly well-suited for fitness-focused professionals and urban residents seeking extensive on-site amenities without paying a premium per square foot.