Realty Insights · Best Tenants Part 1 · Hospital Row
The Tenant Who Never Misses Rent
Why Toronto condos within walking distance of University Avenue's hospitals attract some of the most reliable renters in the city, and what the numbers say about them.
Watch the breakdown
The numbers
Who rents near Toronto's Hospital Row
Toronto General, Princess Margaret, Mount Sinai, SickKids and Toronto Rehab all sit within a few blocks of each other on University Avenue in downtown Toronto. Together with MaRS and the University of Toronto's medical campus, they create one of the densest clusters of stable, well-paid jobs in the country, and a steady stream of renters for nearby condos.
Staff earning $100K+
From Ontario's Public Sector Salary Disclosure. That's two employers alone on one avenue.
Average pay of those earners
Six-figure incomes, paid every two weeks by employers that don't disappear in a downturn.
Residents and nurses
- 4,029 U of T medical residents and fellows train at these hospitals
- Resident salaries range from $73,367 to $120,082 a year
- Registered nurses earn a median of about $40/hr (~$83K)
Nurses by age
35–44 is the largest nurse age group, and nearly 1 in 4 nurses is under 35: prime renting years.
What the rent math looks like
- A nurse at ~$83K can comfortably spend about $2,075 a month on rent under the common 30%-of-income guideline.
- A first-year resident at $73,367 works out to about $1,835 a month at the same 30%.
- Two healthcare professionals sharing a 2-bed can support roughly $4,000+ a month combined.
Illustrative only: 30% of gross annual income divided by 12. Actual rents depend on the building, unit and market.
Why they make great tenants
- Steady paycheques. Healthcare jobs tend to hold up when the economy doesn't.
- Shift work means walking to work. After a 7 a.m. or 11 p.m. shift, a 10-minute walk home is worth paying for.
- Demand refills every July 1. A new group of medical residents starts each year and needs a place to live near the hospitals.
- Long-term careers. Many stay at the same hospital for years, which means fewer vacancies and less turnover.
What I look for near Hospital Row
- Under a 10-minute walk to University Avenue
- 1-bedrooms for residents and single nurses
- 2-bedrooms that two professionals can share
- Rent that works at 30% of a nurse's income
From the video
For investors
Want the Hospital Row building list?
- The condo buildings I'd buy within walking distance of University Ave
- Which 1-beds and 2-beds rent fastest to healthcare professionals
- Real numbers on carrying costs versus rent
For owners
Own a condo near the hospitals?
- Find out what your unit would sell or rent for today
- See how your building compares with others nearby
- Get a plan whether you hold, rent or sell
Sources: Ontario Public Sector Salary Disclosure (UHN and SickKids employees earning $100,000+), PARO–CAHO collective agreement (resident salaries), University of Toronto Postgraduate Medical Education (residents and fellows), College of Nurses of Ontario membership statistics (nurse age), Government of Canada Job Bank (registered nurse wages). Rent figures are illustrative calculations, not appraisals. This is not financial advice. Samir Kumar, Sales Representative, RE/MAX Realty Services Inc., Brokerage.