Shocking!! Those numbers just don't add up. Assuming the low rent of $725 at 160 sq ft, that's of course $4.53 per square foot per month. Now, equate that to a typical modern downtown condo of 750 sq ft with in suite laundry, yadda yadda, at $4.53, that would equal a monthly rent of $3,397.50 per month. Right... They'll be lucky to get $450 per month for the smaller suites, very lucky.
It is perhaps useful to think in terms of $/sq.ft. but it is definitely not a linear relationship. It is more like $x for the first sq.ft. then a "diminishing return" sort of curve from that point.