Festival Tower — Rental Market Data

Festival Tower has three units actively listed as of August 31, 2026, with asking rents ranging from $2,950 to $6,200 per month, an average of $4,550, and a median of $4,500. The three listings average 1,017 square feet at a blended asking rate of $4.47 per square foot. Each layout tier is represented by a single unit, so the active inventory spans compact entry-level one-bedroom-plus-den space up to a 1,300-square-foot two-bedroom-plus-den executive layout rather than clustering in any single bedroom category.

No single layout dominates Festival Tower's active inventory, as each of the three available units occupies a distinct bedroom tier at 33.3 percent share. The 1-Bedroom + Den listing (650 sq ft, $2,950, $4.54 psf) and the 2-Bedroom listing (1,100 sq ft, $4,500, $4.09 psf) each represent one unit, while the 2-Bedroom + Den (1,300 sq ft, $6,200, $4.77 psf) rounds out the top tier. Renters seeking a specific bedroom count will find at most one matching unit available at any given time.

Festival Tower's active asking rents span from $2,950 to $6,200 per month, a dollar spread of $3,250 and a percentage spread of 110.2 percent, with a median asking rent of $4,500. The entry-level unit is a 650-square-foot 1-Bedroom + Den priced at $4.54 per square foot, while the peak listing is a 1,300-square-foot 2-Bedroom + Den at $4.77 per square foot. The wide spread reflects the jump from a compact den-equipped one-bedroom to a full two-bedroom-plus-den executive layout rather than price variation within a single tier.

Festival Tower's active den premium and the associated square-footage delta cannot be reliably quantified from the current three-unit sample, as each den-equipped listing sits in a different bedroom tier and no paired comparison isolates the marginal cost of den space. Parking stall premiums are likewise inconclusive; the available data contains anomalous outliers or an insufficient paired sample, so no verified monthly parking add-on can be quoted for active listings.

Festival Tower's active asking average of $4,550 per month exceeds the Entertainment District submarket asking benchmark of $3,542, but the building's rate of $4.47 per square foot is 19.2 percent below the submarket asking rate of $5.53 per square foot. The nominal rent gap is explained by suite size: Festival Tower's active listings average 1,017 square feet, a materially larger footprint than the submarket norm, which pushes the monthly figure higher while the density-adjusted price remains more competitive. The building accounts for 3 out of 153 available listings in the Entertainment District, roughly 2 percent of total submarket inventory.

Festival Tower's all-time average realized lease rent of $3,310 per month exceeds the four-comp benchmark of $2,708 by $602, placing the building at the top of this immediate pricing cluster. Maverick at 327 King Street West (0.06 km, 31 closed leases) averaged $2,545 per month at $4.96 per square foot across 521 square feet; Cinema Tower at 21 Widmer Street (0.07 km, 27 closed leases) averaged $2,744 per month at $4.34 per square foot across 636 square feet; Theatre District at 8 Widmer Street (0.08 km, 51 closed leases) averaged $2,440 per month at $4.64 per square foot across 532 square feet; and on Adelaide at 295 Adelaide Street West (0.1 km, 29 closed leases) averaged $3,103 per month at $4.82 per square foot across 666 square feet. All four competitors recorded active lease volume, so every figure above represents a realized pricing benchmark rather than a zero-transaction reference.

Festival Tower leases at $4.84 per square foot across an average 671-square-foot suite, commanding a per-square-foot premium over three of four nearby competitors while offering the largest interior footprint in the set. Against Maverick (0.06 km), the subject trades at a $0.12 per-square-foot discount (2.4% below Maverick's $4.96 rate) yet delivers 150 more interior square feet, meaning the $765 higher nominal rent is driven entirely by the larger footprint rather than a per-unit-area premium. Against Cinema Tower (0.07 km), the subject commands a $0.50 per-square-foot premium (11.5% above Cinema Tower's $4.34 rate) with 35 additional square feet, pushing the total rent $566 higher on both rate and space. Against Theatre District (0.08 km), the subject commands a $0.20 per-square-foot premium (4.3% above the $4.64 rate) with 139 more square feet, resulting in an $870 higher monthly rent. Against on Adelaide (0.1 km), the subject commands a marginal $0.02 per-square-foot premium (0.4% above the $4.82 rate) with just 5 additional square feet, producing the smallest rent gap at $207 higher. The consistent pattern is that Festival Tower's higher nominal rent across all four comparisons is underpinned by a larger suite footprint, with the per-square-foot premium being modest or even negative relative to the newest 2024 construction.

Festival Tower fields a 14-feature amenity suite anchored by an indoor pool, spa treatment rooms, and a dedicated yoga studio, giving it a wellness-and-recreation profile that distinguishes it from several nearby peers. Compared with Maverick (0.06 km), the subject adds an indoor pool, hot tub and jacuzzi, sauna and steam room, media and theatre room, garden and courtyard, spa treatment rooms, and a car sharing program that Maverick does not offer, while Maverick counters with a business centre, dining room and kitchen, and a beauty bar absent from Festival Tower. Against Cinema Tower (0.07 km), the subject provides an indoor pool, yoga studio, garden and courtyard, and spa treatment rooms that Cinema Tower lacks, though Cinema Tower offers a basketball court, games and billiards room, and EV charging station not found at Festival Tower. Relative to Theatre District (0.08 km), the subject adds a yoga studio, garden and courtyard, spa treatment rooms, and car sharing program, while Theatre District differentiates with an outdoor pool, pet wash station, and dining room and kitchen. Against on Adelaide (0.1 km), the subject contributes a garden and courtyard, spa treatment rooms, and car sharing program that on Adelaide does not carry, while on Adelaide offers a basketball court and games and billiards room. The aquatic wellness core—indoor pool, spa treatment rooms, sauna and steam room, and yoga studio—combined with the garden and courtyard positions Festival Tower as the strongest fit for tenants prioritizing in-building recovery, fitness, and quiet outdoor space over high-energy social or pet-focused programming.