So, you're a loft lover like us but not yet personally or financially ready to buy a Toronto loft for sale or you're here temporarily and renting is the way to go. Where the heck are all the decent, Toronto lofts for rent? It's not easy finding a loft in Toronto period under the major listings constraint that we're experiencing, let alone find a rental unit.
Here are a few tips (and perhaps a few reality checks) to help you in your search.
The reality is, if you're set on a Toronto loft rental, it's going to take you more time (potentially, a lot more time) to find a place than if you were to open up your search criteria to include condos. Plus, you can expect to pay a premium for a loft for rent versus a condo and potentially face a bidding war (yes, they're happening on rental units also, not just in the for sale market).
This is why our first piece of advice for renters is not to close yourself off to the possibility of a condo rental. There are low- and mid-rise condos buildings in Toronto that have a lot of character along with open concept, lofty interiors that are a great alternative to a true loft.
That said, if you're set on loft living (and who can blame you, we're loft addicts ourselves), then you'll probably want to do the following:
#1 Sign up for Rental Listings Alerts in Your Favourite Toronto Loft Buildings
One of the top tips we have for loft renters is move fast. Like, really fast.
Create your free MrLOFT user profile (visit our homepage click register / sign in in the top right corner). Then, you can use our Toronto Loft Guide to sign up for listings alerts in the buildings that you're interested in. That way, you can jump on new listings as soon as they hit the market.
You don't want to allow a weekend to pass as it may lead to offers coming in from other prospective tenants.
Every once and awhile, there's a crazy surge of rental listings in a particular building that may lessen the competition. At date of publishing, for example, there are four Candy Factory lofts for rent. I don't know that I've ever seen that many in the Candy Factory all at once, at least not in recent years.
#2 Use a Realtor
Remember that you can sign with a Toronto Loft Expert for free as a renter (the landlord pays their Realtor fees when you sign a lease).
A Loft PRO will know the market inside and out and can narrow your search with you quite quickly, savings weeks, potentially months, of wasted time viewing over-priced units or dud buildings (a true, Toronto Loft PRO will know most buildings' histories before stepping foot inside - noise issues, condo board reputation, etc.).
#3 Consider a Soft Loft
There's no doubt about it - Toronto's soft loft stock almost always surpasses Toronto's hard loft stock when it comes to rental units. There are more active investors in the market now than ever before and in recent years, the majority of new loft buildings being built are soft lofts.
Soft lofts can provide many of the same perks as hard lofts and you'll likely be able to score one faster. Unit 733 at the Liberty Market Lofts, pictured above in our lead image, is available for rent at date of publishing for $2,300/month. Liberty Village is a great place to search for a soft loft rental.
If you're new to the loft world and don't know the difference, have a read of our previous post on hard lofts versus soft lofts.
#4 Check Out This New, Exclusively Rentals Loft Apartment
Finally, there is one loft building that is exclusively rental units; we're really excited about this one.
The Campbell Lofts in the Junction area at Dundas and Keele is opening next month with Studios/Bachelors ($1,100 - $1,500), 1 bedroom ($1,400 - $1,850), 2 bedroom ($1,650 - $2,500) and 3 bedroom ($2,700 - $3,100) lofts for rent and commercial loft space available on the main floor. The building has been completely restored and renovated but still has its historic charm from its 1888 roots as the Campbell Hotel.
As this is a brand new addition to the Toronto loft scene, we can't yet comment on property management nor the quality of the units but it has a great location and is certainly worth checking out. Know going in though that while the prices may seem really reasonable for rental lofts, these are generally really small spaces (the largest units which are 3 bedrooms are just 897 sqft; studios start at a miniscule 275 sqft). That said, there are some units in the mid
More information available on their website: http://campbelllofts.ca/
Two photos above © The Campbell Lofts.