This is how Toronto-area landlords are vying for tenants

Landlords in Toronto and the surrounding region have notably increased the perks they offer to potential tenants, all in an effort to fill empty units faster. With a surge of new condos hitting the market and asking rents slipping, many property owners are turning to creative incentives instead of cutting rent directly.

Among the perks being advertised are one to two months of free rent, complimentary high-speed Wi‑Fi, and even $500 gift cards for food delivery or transit. Some landlords also waive pet fees or offer free parking to sweeten the deal. These bonuses are widely posted across popular digital rental platforms. Rather than reduce their listed monthly rate, landlords see one-time bonuses as more flexible and less permanent.

In 2024, the Greater Toronto and Hamilton Area saw a record‑breaking 29,000 new condo units completed, with around 40% entering the rental pool. That led to a sharp increase in available rental listings—about 6,549 condos were on the market by the first quarter of 2024, a 29% year-over-year rise and a 160% jump compared to two years earlier. With vacancy rates for newer rental buildings reaching around 3.5%, landlords face real pressure to attract tenants quickly.

Housing analysts say this trend has shifted more power to renters. Since the COVID‑19 pandemic and the financial crisis of 2008, there haven’t been many periods where tenants wield this kind of leverage. Renters now have more options and can more easily find units that match their needs for less money. Market insights show how new supply and softer demand have combined to weaken average rent levels by about 10% from their 2023 peak.

Despite lower asking rents, many landlords prefer temporary incentives rather than lowering base rent. They see the current market softness as temporary and expect conditions may rebound. Offering perks, like rent-free periods or gift cards, allows them to maintain headline rents while staying competitive short-term.

For renters in and around Toronto, now may be one of the best times in years to negotiate. With more units available and landlords eager to fill space, tenants often have room to ask for perks or shorter deals. Experts suggest that those looking for amenity-rich apartments—once out of reach for many—now have a chance to secure them at a better value. Still, caution is advised. Some landlords offering incentives may expect rent hikes later or tie bonuses to rigid lease conditions. Renters are encouraged to review terms carefully—and landlords should balance incentives with their long-term rental goals.