$3,750/mo - 488 University Avenue Unit 2703, Downtown Toronto
Condo for Rent in Downtown Toronto
40 days on market- MLS Number
- C13091752
- Property Type
- Condo
- Status
- active
- Days on Site
- 40
- Bedrooms
- 2
- Bathrooms
- 2
- Square Feet
- 700 - 1,099 sqft
- Neighbourhood
- Downtown Toronto / Waterfront
- Locker
- None
- Exposure
- South East
- Balcony
- Open
- Listing Brokerage
- ROYAL LEPAGE REAL ESTATE SERVICES LTD.
Introducing a pinnacle of urban luxury living at 488 University Ave. This impeccably designed 2-bedroom, 2-bathroom with Valet Parking, experiences world-class design and amenities, including direct access to St. Patrick Subway, offering unparalleled convenience. Indulge in a vibrant culinary scene, surrounded by top-tier restaurants, the iconic Eaton Center, theaters, and a thriving arts and culture scene. Perfect for healthcare professionals, with major hospitals just a5-minute drive away. Step onto your balcony to enjoy unobstructed panoramic views of the city skyline and Lake Ontario to the east. Inside, discover a high-end kitchen with integrated appliances and walk-in closet organizers for added convenience. The Club offers two full floors of light-filled space, opening onto an outdoor lounge and terrace area, ideal for relaxation and entertaining. Plus, enjoy access to an indoor saltwater pool for ultimate relaxation.
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 2703, 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 $3,750/mo, this is asking above the typical 2-bedroom rent of ~$2,900/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.
Market Position
At 40 days on site, this property has had reasonable exposure. It hasn't sold immediately (which often indicates overpricing), but isn't languishing either. There's likely room for a 3-5% negotiation from asking price.
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.
Efficient Living
At 700 sqft, this is a more compact space. The upside: lower utility bills, less maintenance, and easier cleaning. Consider how you'll use the space - built-in storage, multi-functional furniture, and good organization become important. Great for singles, couples, or those who prefer a low-maintenance lifestyle.
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.