$5,395/mo - 488 University Avenue Unit 5216, Downtown Toronto
Condo for Rent in Downtown Toronto
New — Listed 6 days agoNeighbourhood: Kensington-Chinatown
- MLS Number
- C13512022
- Property Type
- Condo
- Status
- active
- Days on Site
- 6
- Bedrooms
- 4
- Bathrooms
- 2
- Square Feet
- 1,000 sqft
- Neighbourhood
- Downtown Toronto / Waterfront
- Locker
- None
- Exposure
- North West
- Balcony
- Open
- Listing Brokerage
- RE/MAX PRESIDENT REALTY
Spectacular Sub-Penthouse residence at 488 University Avenue showcasing breathtaking unobstructed North-West views from the 52nd floor, including stunning sunsets and iconic views over Queen's Park and the city skyline. Offering approximately 1,136 Sq.Ft. plus a rare 185 Sq.Ft. private terrace, this luxurious 3 Bedroom + Den suite combines elegant design with exceptional downtown convenience. Located in one of Toronto's premier luxury buildings with direct underground access to St. Patrick Subway Station, and steps to the Financial District, University Health Network, University of Toronto, theatres, fine dining, shopping, and entertainment. Features include 9-ft smooth ceilings, hardwood flooring throughout, floor-to-ceiling windows, designer finishes, a spa-inspired ensuite with freestanding tub and frameless glass shower, plus a modern chef's kitchen with integrated appliances, wine fridge, and built-in coffee machine.
Discover Kensington-Chinatown
Kensington-Chinatown 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 Kensington-Chinatown
- •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
Kensington-Chinatown 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 5216, Downtown Toronto / Waterfront
Open in Google MapsUse the map controls to zoom, pan, and switch between map and satellite views. Drag to explore the neighbourhood.
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 $5,395/mo, this is asking above the typical 4-bedroom rent of ~$4,200/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.
Just Listed - Act Strategically
This property hit the market within the last week. In Downtown Toronto's current market, desirable homes often receive multiple offers within 5-7 days. If you're seriously interested, I recommend booking a showing immediately. However, never let urgency override due diligence - we'll still do proper inspections.
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.
Family-Friendly Layout
4 bedrooms hits the sweet spot for most families. You'll have room for 2-3 children plus a home office or guest room. This is the most sought-after configuration for families relocating to Downtown Toronto. Good resale value as demand remains consistent.
About Kensington-Chinatown
I know Kensington-Chinatown well from working with many buyers and sellers here. Each pocket has its own character - let me share what I've learned about this specific street and block. During our showing, I'll point out local amenities, school catchments, and what similar homes have sold for recently.
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.