A new rental property recently opened in Forest Hill, Toronto, that most would liken to a luxury hotel. Elegant and well-appointed, the 20-storey building features 177 premium rental suites in a range of sizes and layouts.
To be clear, this isn’t your typical Toronto apartment building. Every detail was carefully curated to resonate with its intended demographic, from the custom millwork and handmade Danish brick to the anodized bronze mullions that frame the oversized windows. As DBS Developments puts it: 2Fifteen is for ‘high net-worth individuals’ seeking flexibility, freedom, and carefree living without a long-term financial burden. Visually, the building was designed to blend seamlessly with the aesthetics of the surrounding estates that characterize one of Toronto’s oldest and wealthiest neighbourhoods.
“2Fifteen stands out from other rental properties through its unparalleled quality and commitment to a worry-free lifestyle,” says Bryan Levy, CEO of DBS Developments. “Distinguished by the two professional doormen at the entrance, it draws inspiration from 5-star hotels and aims to elevate the long-term rental living experience. Also, DBS Developments oversees property management through DBS Communities, another arm of our company, to ensure the continuation of a hotel-inspired lifestyle after construction. This commitment to quality positions 2Fifteen to set a new benchmark for luxury purpose-built rentals in Toronto.”
A lifestyle choice
While the lack of affordable rental housing has been an intense subject among policymakers and the public for years, Canada’s luxury rental market has been quietly growing. The appeal of this category, from Levy’s perspective, is that renting vs. owning offers flexibility for those who’d like to keep their money liquid. Target demographics at 2Fifteen include downsizers, young professionals, and seniors looking to shed the long-term financial commitment of a large, burdensome home. Renting removes the responsibility for property maintenance and adds the flexibility of leasing—and let’s not forget the plethora of high-end services and amenities that serve to sweeten the deal.
“Our residents appreciate the meticulous attention to detail we put into our amenities and services,” Levy says. “The small touches, such as a well-stocked gym fridge and high-quality espresso machines, contribute to a luxurious living experience. Our party room and games room surpass typical condominium or apartment standards, fostering frequent use by our residents who enjoy entertaining guests.”
Envisioned by Toronto-based Diamond Schmitt Architects, the building reflects opulence and sophistication at every turn, including the suites that are outfitted with full-size Gaggenau appliances, quartz countertops, and spa-like bathroom fixtures. Day-to-day building activities are overseen by two full-time concierges, a pair of distinguished doormen, a general manager, and resident experience coordinators who all ensure the needs of residents are met—much like the staff at a luxury hotel, only better given the first-name basis, familiarity, and ensuing relationships that develop. According to Levy, it’s touches like these that are contributing to the rise in popularity of luxury rental apartments among certain segments of income-earners.
“We’re observing a specific clientele who don’t necessarily adhere to a standard 9 to 5 routine,” he says. “This includes high-level executives and CEOs who may find themselves travelling extensively throughout the year. For these busy professionals, owning multiple properties can be logistically challenging. Renting at 2Fifteen offers a solution that aligns with their dynamic schedules, providing luxury and comfort without the commitments associated with homeownership.”
Another segment of residents may only live in Toronto half the year, preferring to spend the other half in warmer climates, such as Florida. For these individuals, the flexibility of renting is a huge selling feature as it takes the stress and worry out of juggling multiple properties.
Families with children attending prestigious institutions like Upper Canada College make up another contingent of the tenant-base. As Levy puts it, “Renting in Forest Hill provides a convenient and luxurious living arrangement close to the school during the week, then on weekends or during holidays, they may return to their primary residence—which is perhaps a single detached home elsewhere in the city or further away.”
In essence, Levy says the lessened commitment associated with renting aligns seamlessly with these lifestyles in that they remove the traditional constraints of homeownership, pointing out that the value becomes more apparent when you break down the realities of renting vs. owning a comparable-sized condominium.
“With the monthly carrying costs of a mortgage, plus realty taxes, plus maintenance, not to mention the down-payment and equity that would be tied up in your condo, it all adds up to more money than your monthly rental payment,” he says. “At 2Fifteen, you can put down first and last months’ rent and use that capital in other more productive ways.”
Whether short-term or long-term, rental communities fill a need that Levy and the DBS team believe is only getting stronger. 2Fifteen is one of several rental communities the company is currently launching in the Greater Toronto Area. Other properties include Bela Square near Main and Danforth, comprised of two new residential buildings on Eastdale Avenue that will soon deliver 484 family-oriented rental units to the growing East York neighbourhood. Bela Square features thoughtfully curated amenities and services centred around “living well” and creating an enriching and vibrant environment for residents. From studio apartments to four-bedroom townhomes, DBS describes Bela Square as “a rental community that fits every lifestyle and raises the bar for connected city living.”
