"Live rent-free until 2021" and other move-in incentives being offered in Toronto

Bist/Shutterstock

Toronto continues to be one of the most expensive cities to live in, but the pandemic has resulted in more rental units becoming available.

With tenants leaving the city for cheaper parts of the province and many short-term rentals being put on the market due to lack of tourism, Toronto landlords are seeking to incentivise any prospective renters.

Rentals.ca has highlighted properties in the city that are offering move-in incentives, including free rent and parking.

“Centrally located condo rentals in Toronto continue to see significant rent decreases, especially the smallest suites, as tenants look for cheaper units with more space to accommodate their work-from-home needs,” said Matt Danison, CEO of Rentals.ca. “Newly completed buildings coupled with a lack of demand has resulted in condo apartment projects built since 2000 seeing an average increase in listings of 80% annually on TorontoRentals.com.”

The average level of rental apartments under construction in 2020 is higher than any time over the last 30 years, according to the latest TorontoRentals.com 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: