A lot of artists have their own ways to rent their art, and for a lot of those, renting is a bit like buying—you don’t need to know everything about the artist’s work to rent it, and you can still make money renting it, even if you don’t know everything.
But the rental market has become very, very expensive.
For many artists, the rental rate for an apartment in Toronto is far above the market rate.
In Vancouver, for example, a studio apartment in the city’s downtown is selling for $3,500, compared to a studio in the inner suburbs of Toronto for $2,500.
In Montreal, it’s even higher, at $4,200 for a studio.
To rent an art gallery or gallery space in the City of Vancouver, you’re looking at a rental of $5,000 to $10,000.
In New York, it costs between $10 and $15 per hour, according to rental listings.
Renting an art space in Toronto, in contrast, is $100 to $200 per hour.
But how much can you make on a given day?
Renters who rent a gallery space for two or three hours a week, for instance, can make up to $2.75 an hour, said art dealer and artist Mike Coyle, adding that it’s not unheard of to make $20 an hour a day.
And that number only goes up with time.
“In the last year, I have seen people in my industry who have rented out galleries or studios for three weeks straight and make $25,000 a month,” said Coyle.
“It’s not a problem, but it’s a problem for artists who have been in the business for a long time and who can’t afford to stay at their current home.”
Coyle said the average artist spends around $25 a month on rent.
For those artists who rent their space, that’s a significant amount of money.
And as long as they can find someone willing to rent out the space for them, they’re good to go.
Coyle’s studio apartment is rented out, but he still has to pay the $3.50-per-hour rent to the gallery.
That means he’s spending between $3 and $4 per hour renting it out.
The problem for most artists is that renting out their space is very expensive, said Canto.
“Most artists can make a lot more than that with their space rented out,” he said.
“And it’s usually very expensive because there’s no way to charge the artists anything for it, because it’s rented out for two weeks straight.”
The other problem for a gallery, said Art Director at the National Gallery, John Kinsman, is that artists have to be very careful when renting their space.
“A lot of people say, ‘Oh, you can’t charge the gallery, because you’re renting it for two months and then you’ll sell it.’
And if you rent it out for four weeks straight, you’ll end up charging a lot.”
So, if you’re interested in renting an art studio in Toronto or Vancouver, Canto said that the best way to find out about the artists you can rent out is to go to their gallery or studio, and ask them about it.
“They might tell you about a specific artist who has done a piece, or maybe they’ll tell you something like that.
It might not be an artist you’re familiar with, or it might be a piece you haven’t heard of,” he explained.
But if you ask the right questions, he said, you might be able to get some great information about the studios and galleries that are available in Toronto and Vancouver.
To find out more about how to rent an artist’s space in one of those cities, check out our gallery listings for the major cities of Canada.