This is how Toronto-area landlords are vying for tenants

Landlords around Toronto are getting creative to fill their rental units, offering generous perks like two months of free rent, complimentary parking, and gift cards for food delivery and public transit. These incentives, which amount to thousands of dollars per tenant, are increasingly advertised on rental listing platforms. On some condo buildings, over 60% now include such offers, a figure that has more than doubled in just a year. This shift shows how landlords are adjusting to stay competitive in a slower rental market.

One reason for this trend is the growing supply of new rental buildings, including both condos and apartments. With more units available, renters now have more choices, and that’s giving them power to negotiate. Condo rents are now about 10% lower than they were at their peak in 2023, and some experts believe they could drop even more in the coming months. The increase in supply has clearly shifted the balance between landlords and tenants.

That said, renters should be aware that these perks often come with strings attached. If a unit falls under rent control, any rent increases after the discount period are still based on the original rent, not the reduced amount. This means tenants might enjoy some short-term savings, but the full price will eventually catch up with them, especially when renewal time comes.

For units not under rent control—usually newer condo buildings—landlords have more freedom to raise the rent after the first lease ends. This means tenants who jump at a good deal might be surprised when they see a large increase later on. In many cases, the gift cards and freebies are just ways to make the rent seem more affordable at first glance.

Some renters have started sharing warnings online about these offers, saying they can be misleading. Others suggest it’s smarter to negotiate for a lower base rent instead of accepting one-time perks. That way, the long-term cost stays manageable and less open to big jumps when the lease is up for renewal.

Still, the current rental market does give tenants more options than they’ve had in years. With more new units and more competition among landlords, renters can now aim for better deals and better amenities. Those who take the time to shop around and ask questions can find real value—not just flashy perks—with the right strategy.