The Financial Post reports in its Friday edition the dreary six-storey apartment block in Toronto's north end was nicknamed "Divorcee Towers" after the newly single who lodged at its short-stay units. A Bloomberg dispatch to the Post says then, Timbercreek Asset Management moved in. Timbercreek installed new hardwood floors, stainless steel appliances, energy-efficient windows and preserved 1930s art-deco details such as a steel-cage elevator. It now collects rents that are about the same as a downtown condominium. Timbercreek is at the forefront of the next boom in Toronto's supercharged housing market: rental apartments. At least 21 high-rise projects are slated to be built by developers as rental apartments in the city. Meanwhile, apartment real estate investment trusts are the best performing REITs on the Toronto Stock Exchange. "There's a huge demand for rental," said Ugo Bizzarri at Timbercreek. "We are seeing for the first time in 40 years people are starting to build rental." Demand is growing for leased space as house prices surge out of reach for many, the condo market cools and investors seek stable returns in a low-interest-rate world. Timbercreek manages about $4.4-billion in assets.