Toronto continues to be one of the most expensive cities to live in, but the pandemic has resulted in more rental units becoming available.
The average level of rental apartments under construction in 2020 is higher than any time over the last 30 years, according to the latest and Bullpen Research & Consulting Toronto and GTA rent report. More than 57,000 condo apartment units were under construction in the GTA at the end of September 2020 – a 5% year over year increase.
“Many of these apartments will be completed in 2021 and 2022, and will continue to add to the supply, which could keep rents lower if a vaccine is not approved during that time,” according to the reports.
The average rent in the GTA has been dropping for the last 10 months, and is currently 13% lower than it was in September 2019.
If you’re looking to take advantage of the saturated rental market, here are 12 apartments in Toronto that are currently offering move-in incentives, according to rentals.ca:
Live rent-free until 2021 at 100 Wellesley Street East, conditions apply.
Live rent-free until 2021 at 77 Huntley Street, conditions apply.
Move in by December 15th and get one month of free rent at 61 Yorkville Avenue.
Get $500 off your first month’s rent.
Move in by December 15 and get one and a half months rent free at 150 Roehampton Avenue.
Get one month’s rent free at 221 and 265 Balliol Street.
Get one month’s rent free for a bachelor apartment at 20 Carlton and 25 Wood Street.
Get up to one month of free rent, up to six months free parking, and one month of a free locker at 20 Oak Street.
Get one month of free rent at 160 Huron Street.
Get a $500 move-in bonus at 368 Eglinton Avenue East.
Get one month of free rent until October 31 at 2 The Donway East.
Get one month of free rent and up to four months free parking at 798 Richmond Street West.