Volare Condominiums — Rental Market Data

Volare Condominiums realized an average lease rent of $2,773 per month over the trailing period, which is $188 above the overall comp benchmark of $2,585 and $333 above the Woodbridge submarket average of $2,440. Renaissance Court at Woodbridge Gates (281 Woodbridge Ave, 0.57 km) closed 6 leases at an average of $2,742 per month, meaning the subject commands a $31 higher monthly rent than that competitor. Allegra - II (12 Woodstream Blvd, 0.72 km) recorded 4 closed leases averaging $2,138 per month, placing the subject $635 above that benchmark. Allegra I (24 Woodstream Blvd, 0.72 km) closed 2 leases at $2,875 per month, so the subject trades at a $102 lower monthly rent than that peer. Park Lane (33 Wallace St, 0.7 km) recorded zero closed leases over the past 180 days and therefore carries no realized rent benchmark against which to compare the subject.

Volare Condominiums leases at $3.20 per square foot across an average 900-square-foot suite, trading at a discount below every active nearby competitor on a per-square-foot basis while delivering materially more interior space. Against Renaissance Court at Woodbridge Gates ($3.67 per square foot, 782 sq ft), the subject offers a $0.47 per square foot (12.8%) discount and provides 118 more interior square feet, so the $31 higher nominal rent is fully explained by the larger footprint rather than a rate premium. Versus Allegra - II ($3.45 per square foot, 625 sq ft), the subject trades at a $0.25 per square foot (7.2%) discount with 275 additional square feet, and the $635 higher monthly rent reflects that expanded interior volume. Compared to Allegra I ($3.57 per square foot, 800 sq ft), the subject offers a $0.37 per square foot (10.4%) discount and 100 more square feet, yet still realizes a $102 lower monthly rent—here the larger footprint and lower rate-per-foot combine to produce a net savings for the tenant despite the bigger suite. In every active comparison, the subject's nominal rent variance is a function of interior square footage rather than asset valuation per unit area.

Volare Condominiums provides a nine-feature lifestyle package including a rooftop terrace, garden and courtyard, BBQ area, sauna and steam room, gym, meeting room, games and billiards room, party and lounge room, and concierge with security—positioning it as a mid-tier amenity building that differentiates on outdoor and communal space. The subject's garden and courtyard is absent from both Allegra - II and Allegra I, while its BBQ area is not offered at Renaissance Court at Woodbridge Gates, giving Volare a distinct outdoor-living edge over those three peers. Conversely, Renaissance Court adds a hot tub and jacuzzi plus a dedicated business centre that the subject lacks, and both Allegra buildings include a media and theatre room not found at Volare. The subject's combination of rooftop terrace, courtyard, BBQ zone, and sauna appeals most directly to young professional and small-family renters in Woodbridge who value flexible outdoor entertaining and wellness access without the premium pricing of amenity-heavy luxury towers.