Published 22 September 2026 · By Jatin Dua, Broker of Record, RE/MAX Quantum Realty
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The best condo buildings to rent in the Bay Street Corridor are Residences of College Park, Wellesley on the Park, Burano, Murano and 1001 Bay. Condo apartments leased through TRREB’s MLS® System in district C01 averaged $2,475 a month for a one-bedroom and $3,494 for a two-bedroom in Q2 2026.
Pick on transit, suite size and what the rent includes — not on the lobby.
The five at a glance
| # | Building | Address | Built | Why renters like it |
|---|---|---|---|---|
| 1 | Residences of College Park | 761 & 763 Bay Street | 2008 | The transit pick: an underground link to College station and a full amenity centre at Bay & College |
| 2 | Wellesley on the Park | 11 Wellesley Street West | — | The newer-amenity pick with a park at the front door and a subway station around the corner |
| 3 | Burano | 832 Bay Street | 2012 | A well-equipped 2012 tower in the middle of the Bay strip, walkable to both College and Wellesley stations |
| 4 | Murano | 825 Bay Street | 2010 | Twin towers with a big rental pool and a rooftop pool, a short walk from campuses and College station |
| 5 | 1001 Bay (The Strasscorp) | 1001 Bay Street | 1990 | The value/space pick: larger older layouts with a big recreation centre, between two subway stations |
How I chose them: I looked at the Bay Street Corridor the way a tenant should — how quickly you reach transit, what the building actually offers day to day, suite sizes, building age and condition, and how many units come up for lease so you have choice. This is my own shortlist, not a paid or third-party ranking, and every building fact below is linked to a source at the end.
What renting a condo in the Bay Street Corridor costs right now
| Q2 2026, condo apartments | Avg 1-bed | Avg 2-bed | Units leased |
|---|---|---|---|
| TRREB district C01 | $2,475 | $3,494 | 4,233 |
| City of Toronto | $2,316 | $3,154 | 15,388 |
| Whole GTA (TRREB area) | $2,273 | $3,013 | 21,251 |
Source: TRREB Rental Market Report, Q2 2026. District C01 is the TRREB reporting area that covers the Bay Street Corridor; it is wider than the neighbourhood itself, so treat these as a guide rather than a quote for any one building.
Across the GTA, average condo rents were still below a year earlier in Q2 2026 — one-bedrooms down 2.3% and two-bedrooms down 1.7% — with 27,844 units listed for rent against 21,251 leased. TRREB says conditions still favour renters, which means there is usually room to negotiate on start date, parking or a longer term.
The top 5 condo buildings to rent in the Bay Street Corridor
Residences of College Park
761 & 763 Bay Street
Completed 2008 · 51 storeys · Developer: Canderel Stoneridge Equity Group
Getting around: Underground connection toward College station via the College Park complex; steps from Bay & College.
What the building offers: Gym; indoor pool and jacuzzi; steam room; theatre room; party room; virtual golf room.
What renters should know:
- Two towers (51 storeys north, 45 south; completed 2006 and 2008) plus townhouses at 761 Bay, so rental supply is large and varied.
- Large towers mean elevator waits and move-in booking rules are common; confirm elevator booking before signing.
- Direct indoor route to transit and shops is a practical winter advantage.
Why it makes the list: The transit pick: an underground link to College station and a full amenity centre at Bay & College.
Wellesley on the Park
11 Wellesley Street West
60 storeys · Developer: Lanterra Developments
Getting around: About a 2-3 minute walk to Wellesley station (Line 1); Museum and Queen's Park stations also walkable.
What the building offers: 24-hour concierge; indoor pool and hot tub; gym and yoga studio; sauna; party room and private dining room; outdoor terrace.
What renters should know:
- Sits beside a new public park, rare green space for downtown.
- Suites skew small (roughly 300-900 sq ft per the launch materials), which suits singles and couples more than families.
Why it makes the list: The newer-amenity pick with a park at the front door and a subway station around the corner.
Burano
832 Bay Street
Completed 2012 · 50 storeys · Developer: Lanterra Developments
Getting around: About a 5-minute walk to College or Wellesley stations; Bay bus at the door.
What the building offers: 24/7 concierge; outdoor pool and jacuzzi; fitness room and steam rooms; home theatre; party room and catering kitchen; guest suites.
What renters should know:
- Mid-2010s building with the reconstructed 1925 McLaughlin showroom facade at its base.
- Outdoor pool is a seasonal amenity; check operating months.
- Bicycle storage lockers are available to residents.
Why it makes the list: A well-equipped 2012 tower in the middle of the Bay strip, walkable to both College and Wellesley stations.
Murano
825 Bay Street
Completed 2010 · 45 storeys · Developer: Lanterra Developments
Getting around: About a 5-minute walk to College station; Queen's Park station also close.
What the building offers: Rooftop pool and hot tub; gym; steam room; theatre; billiards room; guest suites.
What renters should know:
- Two towers (45 and 35 storeys, completed 2008/09 and 2010) on a shared podium, so there is usually a steady supply of rentals.
- Close to U of T and Toronto Metropolitan University, which keeps student and young-professional demand steady.
- Some suites face Bay Street; ask about street noise on low floors.
Why it makes the list: Twin towers with a big rental pool and a rooftop pool, a short walk from campuses and College station.
1001 Bay (The Strasscorp)
1001 Bay Street
Completed 1990 · 36 storeys · about 565 suites
Getting around: Between Wellesley and Bay stations, roughly a 5-minute walk to either.
What the building offers: Indoor pool with whirlpool and sauna; squash and basketball courts; fitness centre; rooftop patio with barbecues; 24-hour concierge; party room.
What renters should know:
- Older 1990 building: suites are generally larger than in recent towers, and there are more 2- and 3-bedroom layouts.
- Older common areas and building systems; ask the landlord about recent suite updates.
- Check the lease for which utilities are included, as fee inclusions vary by building.
Why it makes the list: The value/space pick: larger older layouts with a big recreation centre, between two subway stations.
Want me to find you a unit in the Bay Street Corridor?
Looking to rent in the Bay Street Corridor?
Tell me your budget, move-in date and must-haves. I will send you what is actually available in these buildings, before it gets picked over.
I will come back to you personally, usually the same day. If it is urgent, call or text 833-330-1925.
Living in the Bay Street Corridor as a renter
A dense, high-rise residential stretch north of the Financial District, dominated by 2000s-2020s condo towers. It sits between the University of Toronto, Queen's Park and Toronto Metropolitan University, so tenants include students, hospital and government workers and downtown professionals.
| The Bay Street Corridor in brief | |
|---|---|
| Where it is | Bay Street between College Street and Bloor Street, roughly Yonge Street (east) to Queen's Park/University (west); the condo cluster runs along Bay at College, Grenville/Grosvenor, Wellesley and St. Mary. |
| Transit | TTC Line 1 Yonge-University: College and Wellesley stations (Yonge side) and Queen's Park/Museum (University side); Line 2 Bloor-Danforth: Bay station at Bay & Bloor, Bloor-Yonge interchange a short walk east. TTC Bay bus runs along Bay Street; 506 Carlton streetcar on College/Carlton. |
| Everyday life | College Park complex (shops, underground link to College station) at Bay & College; Queen's Park and the public park at the base of 11 Wellesley; Yonge Street retail one block east; Bloor Street shopping at the north end; supermarkets in and around College Park and along Yonge/Carlton. |
| Official City neighbourhood | Bay-Cloverhill (#169) (formerly part of the Bay Street Corridor neighbourhood; the west side of Yonge north of College) |
Things renters in the Bay Street Corridor should know
- Walk-to-work area for Queen's Park, the hospital district on University Avenue and U of T, so turnover follows the academic year (strong demand August-September).
- Mostly studio, 1-bed and 1+den suites; families looking for 2-3 bedrooms often need the older 1990s buildings such as 1001 Bay.
- Several towers connect underground to College station/College Park, useful in winter.
Before you sign a condo lease
- Use the Ontario Standard Lease. Landlords of most private rental units, condos included, must use the province’s standard lease template for new leases.
- Deposits are capped. A landlord can ask for a rent deposit of no more than one month’s rent, and it must go toward your last month. Damage deposits are not allowed; a key or fob deposit must be refundable. See Ontario rental deposit rules.
- Check the rent-control date. The annual guideline (2.1% for 2026, 1.9% for 2027) does not apply to units first occupied as residences after 15 November 2018. Ask when the building was first occupied — in newer towers your increases are negotiable, not capped.
- Get utilities in writing. Newer towers usually meter hydro separately; many older buildings include it in the condo fee. It can be a real monthly difference.
- Read the condo rules. Tenants must follow the corporation’s declaration and rules — pets, move-in bookings, elevator deposits and short-term rental bans all live there.
The takeaway
In the Bay Street Corridor, Residences of College Park and Wellesley on the Park are where I would start, but the right building depends on your commute and whether you want amenities or square footage. Compare the all-in monthly cost — rent, hydro, parking, locker — not the headline rent, and remember that in Q2 2026 renters, not landlords, had the upper hand across the GTA.
Frequently asked questions
What are the best condo buildings to rent in the Bay Street Corridor?
My top five for renters are Residences of College Park, Wellesley on the Park, Burano, Murano and 1001 Bay, chosen for transit access, amenities, suite sizes, building condition and rental supply.
How much does it cost to rent a condo in the Bay Street Corridor?
In Q2 2026, condo apartments leased in TRREB district C01, which covers the Bay Street Corridor, averaged $2,475 a month for a one-bedroom and $3,494 for a two-bedroom. The City of Toronto averages were $2,316 and $3,154.
Which condo in the Bay Street Corridor is best for transit?
Residences of College Park at 761 & 763 Bay Street: underground connection toward College station via the College Park complex; steps from Bay & College.
Are older or newer condos better to rent in the Bay Street Corridor?
Newer towers offer more amenities and modern finishes but smaller suites, separately metered hydro and no rent-control guideline if first occupied after 15 November 2018. Older buildings usually have larger layouts and often include utilities in the rent.
Is rent control in effect for condo rentals in Toronto?
Yes for units first occupied as residences on or before 15 November 2018, where increases are limited to the provincial guideline (2.1% in 2026 and 1.9% in 2027) once every 12 months. Units first occupied after that date are exempt from the guideline.
Do I pay a realtor to help me rent a condo?
On most MLS condo leases in the GTA the landlord pays the brokerage commission, but always confirm in writing before signing any agreement. I can search these buildings and review the lease with you.
Sources
- TRREB Rental Market Report, Q2 2026 — condominium apartment rents by district — accessed September 2026.
- Government of Ontario — residential rent increases and the rent increase guideline — accessed September 2026.
- Residences of College Park — building facts — accessed September 2026.
- Residences of College Park — building facts — accessed September 2026.
- Wellesley on the Park — building facts — accessed September 2026.
- Wellesley on the Park — building facts — accessed September 2026.
- Burano — building facts — accessed September 2026.
- Burano — building facts — accessed September 2026.
- Murano — building facts — accessed September 2026.
- Murano — building facts — accessed September 2026.
- 1001 Bay (The Strasscorp) — building facts — accessed September 2026.
- The Bay Street Corridor — neighbourhood and transit facts — accessed September 2026.
- The Bay Street Corridor — neighbourhood and transit facts — accessed September 2026.
Related reading
- Best Realtor in Downtown Toronto: How to Actually Judge One (2026)
- Top 5 condos to rent in Yorkville
- Top 5 condos to rent in Yonge and Bloor
- Top 5 condos to rent in The Annex
- Top 5 condos to rent in every Toronto neighbourhood
- How much rent can a landlord charge in Toronto?
- Renting now, buying later: a realistic timeline
About the author — Jatin Dua, Toronto and GTA real estate broker
I am Jatin Dua, Broker of Record and co-founder of RE/MAX Quantum Realty Inc., Brokerage, Unit 101, 799 The Queensway, Etobicoke. I help tenants, landlords, buyers and sellers across Toronto and the GTA. Four-plus years of active GTA transactions and over $100 million in sales volume. Rent figures here come from TRREB’s published rental report and tenancy rules from the Government of Ontario, so you can check all of it without asking me.
Reach me at connect@jatindua.com or 833-330-1925, or book a call.