This fully-furnished Toronto unit is available for $1,720 a month, utilities included. Why hasn’t it been rented out?

This fully-furnished Toronto unit is available for $1,720 a month, utilities included. Why hasn’t it been rented out?
Neighbourhood: The Junction

X-factor: This one-bedroom, one-bathroom unit on the main floor of a duplex house is fully furnished and renovated with a new kitchen and shower. Additionally, utilities are included in the price.

Located on a residential street, this unit has access to a backyard with a barbecue and street parking.

Just south of St. Clair West, it’s also a walking distance away from various cafes, shops, restaurants, bars, grocery stores and more. Several buses within walking distance can connect a tenant living here to the Bloor—Danforth subway line.

However, this unit listing has remained untouched for a few weeks, despite citing an Oct. 1 as a potential move-in date. Why is it still on the market? We ask our expert, real estate agent Othneil Litchmore , to gain a better understanding.

Why is it priced this way? At 300 Old Weston Road, this unit is available for $100 more (a month) than the average one-bedroom, one-bathroom home in the neighbourhood. But at 500-square-feet, it’s relatively small. Renters looking for a similar-sized unit in the area can find one for about $1,600 a month, Litchmore says.

What’s driving the price up for this home is probably the renovations, the utilities being included and the fact that it’s fully furnished, he says.

“That’s definitely what they believe is a selling point,” he says. “But … it’s a little overpriced for what you’re getting. Probably the main issue is the privacy, the setup, the space.”

Although a furnished home may be appealing to some, Litchmore doesn’t see it as a big asset.

“I don’t know how many people want a fully furnished place,” he says. “I know students do, and people that are sort of transient, international students or people who just moved to the city for work — that might be a benefit to them, but I don’t know how much in demand fully furnished places are,” he said.

And while it may not be the reason people turn down this unit, he points out that noise from the nearby train tracks in the area may become bothersome.

Tips for finding places like this? “With a budget like this, you have more options,” Litchmore says, emphasizing that noise from neighbours in a converted house could be a problem for some.

Since Aug. 1, there have been 29 units listed for rent in the area, he adds, so if a renter is looking to live in that particular neighbourhood, there will be several places to choose from.

If a renter is more interested in living downtown, they can make that happen, too. Litchmore says it would be possible to find a small condo downtown for about the same price or $1,800.

“Obviously, somebody that wants to live close to downtown, wants to pay under $2,000, is gonna have to make some compromises,” he says. “That’s the key, but … you can pick and choose your compromises.”
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