Toronto’s rental market is expensive — there’s no getting around it. A one-bedroom condo in Toronto can put considerable pressure on a young professional’s budget, leaving less room for savings, entertainment and everything else that comes with living in the city.
But living in a luxury condo doesn't necessarily mean paying the full rent yourself. Renting a multi-bedroom condo with roommates can make a higher-end property more attainable, particularly for people who want to live close to downtown workplaces, restaurants and transit.
Living in luxury condos are possible with several roommates.
What Luxury Condo Living Can Look Like on a Shared Budget
For example, I recently saw a three-bedroom, three-bathroom luxury condo in Toronto’s waterfront district renting for around $3,980 per month. Split equally between three roommates, that works out to approximately $1,327 per person per month, before utilities and other expenses.
The unit featured:
Large balcony with lake & city views
9 ft ceilings and hardwood floors
High-end appliances and multiple bathrooms
Ensuite laundry
The building offered amenities like 24-hour concierge, a fitness centre, indoor lap pool, outdoor terrace with BBQs, and guest suites.
For young professionals who want more space and access to building amenities, sharing a multi-bedroom condo can offer a different option from renting a one-bedroom unit alone. Multiple bathrooms can also make sharing more comfortable by giving roommates greater privacy and reducing competition during busy mornings.
Note: The rental price above is an example I encountered, not a guarantee of current availability or a market-wide average.
How Much Could You Save by Sharing?
Using the $3,980 monthly rent from the example above, here's what the rent would look like with different numbers of occupants:
One person paying the full rent: $3,980 per month
Two people splitting the rent equally: $1,990 per person per month
Three people splitting the rent equally: Approximately $1,327 per person per month
Compared with the full rent, sharing can substantially reduce each person's share. However, these figures assume an equal split of the rent only. Utilities, internet, tenant insurance, parking and other expenses may increase the actual monthly cost.
Before deciding whether a shared luxury condo fits your budget, calculate the full cost of living there. Consider how much you can comfortably spend each month while still covering savings, transportation, groceries and other regular expenses.
A lower personal share of the rent is helpful, but it should not come at the expense of being able to manage your other financial commitments.
What to Consider Before Sharing a Luxury Condo
Sharing a condo can make a desirable location more attainable, but the monthly rent is only one part of the decision. Before committing to a unit with roommates, consider a few practical details.
Young professionals pooling their money together to take advantage of luxury living.
Make Sure the Layout Works for Everyone
Three bedrooms do not automatically mean three equally comfortable living arrangements. Compare bedroom sizes, bathroom access, storage and privacy. If one bedroom is significantly larger or has an ensuite bathroom, roommates may want to agree on a different rent split rather than dividing the cost equally.
Consider how the shared living areas will work, too. Everyone should have enough space to cook, relax and spend time at home without feeling crowded.
Choose Compatible Roommates
Sharing a home is easier when everyone has similar expectations about cleanliness, guests, noise and shared expenses. Discuss work schedules, working from home, overnight visitors and household chores before moving in.
These conversations may feel awkward at first, but they can prevent misunderstandings after everyone has committed to the rental.
Understand the Rental Agreement
Before signing, clarify who will be named on the lease, how rent will be paid and what happens if a roommate wants to move out. Make sure everyone understands their responsibilities and has agreed on how shared expenses will be managed.
Don't assume that a roommate can simply be replaced whenever circumstances change. The options available may depend on the rental agreement and the applicable tenancy rules.
Account for All the Costs
The advertised rent may not include every expense. Ask about utilities, internet, parking and any other costs that apply to the unit. Tenant insurance is another expense worth budgeting for.
Luxury building amenities can be appealing, but consider whether you'll actually use them. A fitness centre or pool may add value if you use it regularly; otherwise, those features may not justify paying more for a unit.
Is Sharing a Luxury Condo Right for You?
Co-renting can be a smart lifestyle choice for young professionals who want to live close to downtown jobs, restaurants and transit without carrying the full rent alone. It can provide access to spacious layouts, premium finishes and amenities that might otherwise be outside an individual budget.
However, sharing isn't the right choice for everyone. If you work from home and need quiet, value complete privacy or have a schedule that conflicts with your roommates', you may prefer a smaller condo or a different type of rental.
It's also worth comparing luxury condos with older apartments and houses. Depending on the neighbourhood, a less recently renovated property may offer more space or a different layout at a lower monthly cost.
Choosing a rental often means balancing location, budget and the features that matter most to you. Our Home Search Triangle guide explains how to weigh those priorities when looking for a place to rent.
Conclusion
If you're a young professional or a group of roommates looking for a multi-bedroom condo in Toronto, sharing a luxury waterfront property could be one way to make city living more manageable. A condo like the example above may offer generous space, multiple bathrooms and building amenities while allowing each roommate to pay a smaller share of the rent.
The key is to look beyond the finishes and amenities. Compare the full monthly cost, make sure the layout works for everyone and agree on the living arrangements before committing.
For the right group, sharing a luxury condo can be a practical way to enjoy more of what Toronto has to offer without paying the full cost alone.
