$4,500/mo - 488 University Avenue Unit 2302, Downtown Toronto
Condo for Rent in Downtown Toronto
62 days on market- MLS Number
- C13000770
- Property Type
- Condo
- Status
- active
- Days on Site
- 62
- Bedrooms
- 3
- Bathrooms
- 2
- Square Feet
- 1,000 sqft
- Neighbourhood
- Downtown Toronto / Waterfront
- Locker
- None
- Exposure
- North East
- Balcony
- Terrace
- Listing Brokerage
- Royal Lepage Real Estate Associates
Absolutely Luxurious 3-Bdrm 'Michigan' Corner Suite W/Breathtaking Unobstructed Views Of The City! No Need For a Car - Located At Prime University/Dundas area. Very bright and spacious this home Features 9" Floor-To-Ceiling Windows, Open Concept Designer Kitchen With High-End Built-in Appliances, Custom Backsplash & Quartz Countertop, Hardwood floors throughout, Primary bedroom W/Custom Built-In Closet & Deep-Soak Tub & Separate Shower & 2 Other Good-Sized Bedrooms All With Closets! Oversized Balcony (180sqft) Provides Ample Space For Dining And Lounging, Allowing You To Enjoy The Outdoors While Taking In The Breathtaking Cityscape. ALL UTILITIES INCLUDED with this suite except cable and internet. Prime Location With Direct Access To St-Patrick Subway Station. Walk To Hospitals, Financial District, Eaton Centre, U Of T, OCAD, TMU, Yorkville, Queens Park, City Hall. Steps to Shopping, Cafes, Museums, Parks, Galleries, And So Much More! **EXTRAS** World-Class Amenities Including Chic Roof-Top Sky Lounge,40,000sqft Fitness Center, Yoga & Spin Cycle Rooms, Lap Pool, Hot Tub, Sauna, Steam Room, Spa Services, & 24hr Concierge. Automated Car-Share Service and Parking Rental Available.
Discover Downtown Toronto / Waterfront
Downtown Toronto / Waterfront is a vibrant community in the Greater Toronto Area, offering excellent amenities, schools, and transportation options. This area is popular with families and professionals seeking a balanced lifestyle with access to urban conveniences and natural spaces.
Why Live in Downtown Toronto / Waterfront
- •Convenient location in Downtown Toronto / Waterfront
- •Access to local shops and dining
- •Good public transit connections
- •Community parks and green spaces
- •Well-maintained neighbourhoods
Nearby Schools
Transit & Commuting
- •MiWay bus routes throughout the area
- •GO Transit stations within driving distance
- •Easy highway access to 401/403/QEW
- •Walking distance to local amenities
Parks & Amenities
- •Local parks and recreational facilities
- •Community centres
- •Shopping plazas nearby
- •Restaurants and cafes
Lifestyle & Community
Downtown Toronto / Waterfront offers a wonderful quality of life with a mix of residential charm and urban convenience. Residents enjoy easy access to schools, parks, and shopping, making it an ideal location for families and professionals alike.
488 University Avenue Unit 2302, Downtown Toronto / Waterfront
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How this lease stacks up against the local rental market
Estimated Monthly Budget
Things to Confirm Before Signing
· Are utilities included, or separate?
· How many parking spots are included?
· Is the landlord open to a 1-year or 2-year lease?
· Are pets and small renovations (paint, hooks) allowed?
· When was the last rent increase, if there is a prior tenant?
Utility estimates are approximate and vary by season, habits, and what the landlord includes. Always confirm inclusions with the listing agent.
Joe's Thoughts
Honest perspective from 30+ years of GTA real estate experience
Above Market Rent
At $4,500/mo, this is asking above the typical 3-bedroom rent of ~$3,500/mo in Downtown Toronto. That premium needs to be justified — newer finishes, included parking, a premium location, or utilities included. I'll help you assess whether it's worth it or whether there's room to negotiate.
Negotiation Opportunity
At 62 days on site, this property has exceeded the typical selling timeline for Downtown Toronto. This creates leverage for buyers. The seller may be motivated by carrying costs, life circumstances, or previous deals falling through. I'd recommend a strategic offer below asking with terms that favour you.
Condo Considerations
For condos, I always review the status certificate thoroughly. Key things I look for: reserve fund health (should be well-funded), any upcoming special assessments, rules that might affect your lifestyle (pets, rentals, renovations), and the corporation's financial statements. We'll want to verify the monthly fees and what they include.
Starter Home Potential
3 bedrooms works well for couples planning families or small families with one child. Consider whether you might outgrow the space in 5-7 years. If so, factor in potential moving costs when making your decision. Alternatively, some buyers convert a bedroom to an office and make it work long-term.
Lease Terms to Negotiate
Don't just focus on the monthly rent — the lease terms matter just as much. I always advise my rental clients to clarify: what's included (parking, storage, utilities), the lease length options, the landlord's policy on renewals, and whether small personalizations like painting are permitted. These details can make or break your experience over 12–24 months.
Let's Walk Through It Together
Photos can't tell you about traffic noise, natural light at different times of day, or how well the landlord maintains the property. When we view it together, I'll assess the condition of appliances, HVAC, and finishes — and flag anything that might become a headache. I'll also help you understand the lease terms before you sign anything.