Loft apartments are a super hot living trend. As urbanization expands and old industrial buildings are opened up for residential zoning, it makes way for new and unique living spaces like lofts.
So what exactly is a loft apartment?
Loft Apartments: What Are They?
A loft apartment is a commercial or industrial space that has been converted for residential use. They are known to have upper areas for sleeping and living space that occupies the ground floor.
In modern loft design there are many units that are considered to be lofts that don’t really meet all the criteria but will still have some of the same distinguishable features.
Because of the building’s history (usually old manufacturing facilities), the apartment will often have funky and unique architecture that is amplified by the ceiling height and open spans.
In a loft you’re likely to find exposed brick, which has become a hot design trend as of late.
Or maybe there are concrete or wood support posts and old steel or stained-glass windows that line the walls of the old building.
With a little refurbishment and interior design work it can be transformed into a warm living environment for a range of living and work arrangements from family to studio workshop and any combination in between. These funky spaces are a hot commodity with travelling business professionals looking for ideal downtown locations with easy access to amenities.
They’re equally popular with young people because lofts are generally good value given their higher than average overall square footage and ceiling height.
Playful design elements like this swing are also fun features to discover.
There are so many different loft ideas to take inspiration from so I recommend reading over the topics below before diving deeper into your loft design.
What’s The Difference Between A Loft And An Apartment?
An apartment is a general term to describe a unit that is part of a larger building. A loft apartment is specifically a converted industrial building turned living space.
Loft specific features (compared to general apartment):
- exposed steel or wood beams
- unfinished ceiling with exposed ductwork and joists
- recycled hardware from the old building
- stained-glass or steel windows
- original maple floors
- higher than average ceiling height (up to 12 feet or more!)
It’s simple to identify a loft once you know what they look like. They have a distinctive style and identifiable features like the ones listed above.
Living in a Loft
Loft apartments are more and more in demand because as cities expand to create new neighbourhoods with diverse cultures loft apartments are often part of that evolution as small employment lands get converted into more applicable residential uses.
If you’re looking for an investment that will bring value and you have the opportunity to purchase a loft, you are certainly looking at a unique offering that will expand your living environment and cultural experience.
And we’re not pulling this out of thin air. We’ve done dozens of loft projects. We think they’re cool but they are not for everyone.
Loft living definitely suits a certain style, personality and maybe even an acquired taste.
Normally the loft living style is more barebones than your traditional cookie cutter apartment. Before you move into a loft apartment make sure you are comfortable with exposed ductwork and in some cases a fair bit of dust.
There’s an enormous range of loft styles and offerings of course, so depending on the interior finish quality and price per square foot, you’re looking at a different acquistion costs or rental price points.
Loft Apartment Pricing
82 out of 138 Toronto lofts currently selling on torontolofts.ca are within the $500,000-$1MCAD price range. Just goes to show that in a metropolis such as Toronto you’re not going to be getting away with a cheap price tag.
What started out as student living and cheap housing has turned into a high priced modern living offering in central locations across the world.
Loft Living has been even more popularized by home sharing services such as Airbnb, and loft Airbnbs charge 1-2x monthly rental rates during peak season in Toronto.
Let’s take only July earnings for one Airbnb unit we own and manage:
That’s over 6k in one month for a two bedroom loft apartment, and we only listed the property Jan 2018.
Another loft space we manage is booking stays consistently at $400/night for 7 in peak season!
There is no question loft living is hot for vacation spots and week to week living. If you can create a space that incorporates the loft style there surely are endless opportunities.
Conclusion
We’re enthusiastic about loft living and have lots of hands on experience. They’re pretty cool and you can often get a good deal on per square foot pricing if you do enough digging (depending on where you live).
On the other hand there are lots of new build condos offering loft style apartments at exhorbitant prices. The trick is to look for spaces that are outside of already popular areas.
And of course if you can put design build work into the space it opens up more options.
Or, simply take time to snag that perfect deal.
In some cases it might even be easy to find a loft apartment in your budget and neighbourhood, you just might have to look a little bit outside Toronto! Hamilton anyone?