Landlords are offering free months of rent, complimentary Wi-Fi and Presto cards to attract new tenants

Landlords across Canada are offering perks like free rent, complimentary Wi-Fi, and Presto cards to attract new tenants. This trend is especially noticeable in cities like Toronto, where rental prices remain high and competition among landlords is fierce. These incentives aim to fill vacant units quickly in a market where renters have more options than ever before.

In Toronto, some landlords are offering up to two months of free rent to entice tenants. For example, properties at 699 and 701 Eglinton Avenue West are providing two months free on a one-year lease. Similarly, a loft at 34 Noble Street comes with the same offer. These deals can save renters thousands of dollars annually.

Beyond free rent, landlords are adding other perks. At 4235 Confederation Parkway in Mississauga, tenants can get a year of free Wi-Fi with rents ranging from $1,800 to $3,945. Brightstone, located at 6570 Glen Erin Drive, offers up to two months of free rent and a $1,500 move-in bonus for apartments priced between $2,505 and $3,530.

These incentives are a response to increased vacancy rates and a surge in new rental units entering the market. According to Giacomo Ladas of Rentals.ca, "When it is a renter’s market, property managers and developers must work harder to attract tenants." The abundance of available units has shifted the power dynamics, giving renters more leverage in negotiations.

The COVID-19 pandemic has also played a role in this shift. With many people moving out of city centers and a decrease in international students and immigrants, demand for rentals has declined. Landlords are now competing to fill these vacancies, leading to more generous offers and flexible lease terms.

For renters, this is an opportune time to secure favorable lease terms and added benefits. However, experts advise tenants to read the fine print and understand the full terms of any incentive-laden lease agreements. While the perks are attractive, ensuring long-term affordability and stability remains crucial.