If you’re looking to move, here’s some good news: Toronto properties are adding incentives to attract prospective tenants.
In 2020, the COVID-19 pandemic resulted in more rental units becoming available in the market. According to Rentals.ca, due to a lack of jobs, short-term rentals were back on the market due to a lack of tourism, leading to properties in and around Toronto to offer move-in incentives like free month’s rent and gift cards.
But that was then and this is now, and rising rent prices are signalling a gradual return to normal.
A February 2022 report from and Bullpen Research & Consulting found that rental prices in the city are now 14.5% higher than they were one year ago. This increase brought Toronto rent prices up to a $2,317 average in January — the second-highest in the country after Vancouver’s $2,550.
But even as the economy recovers and the COVID-19 pandemic wanes, a Rentals.ca report sent to Daily Hive states that incentives and promotions to entice the best renters in Canada’s largest cities still abound.
“During the height of the pandemic last year and in 2020, promotions flourished, but many believed they would evaporate as the pandemic diminished,” reads the report. “This is not the case after reviewing four rental sites in the Rentals.ca Network, Inc. – Rentals.ca, Rentfaster.ca, RentBoard.ca and Louer.ca.”
While they’re not as creative or varied as they used to be during the initial lockdown, there are still incentives to be found such as free food delivery gift cards and gym memberships.
So if you’re in the market looking for a new spot, here are Toronto rental units offering incentives, according to Rentals.ca:
Receive one month of free rent, plus a one-year complimentary Altea Active membership on all one-year lease agreements. There’s also a $1,000 move-in bonus on select suites.
Receive a $2,500 Visa gift card when you move in.
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One month free rent.
One month free rent, plus a $100 food delivery gift card.
One month free rent.
Two months free on select units when you sign a lease.
One month free rent