"Toronto landlords are trying to entice tenants with various incentives, reflecting a significant rise in available rental properties and lower overall rents."
"With a record number of condominium units completed recently, competition among landlords has intensified, offering renters a variety of attractive incentives."
"The Greater Toronto Area is experiencing increased negotiating power for renters, similar to trends from the COVID-19 pandemic, as landlords offer perks to attract tenants."
"The surge in available rental units has led to a sharp rise in vacancy rates, challenging landlords looking to maintain occupancy and profitability."
In Toronto, landlords are actively trying to attract tenants by providing incentives such as rent-free months, free parking, and gift cards, amidst a record rise in available rental properties. Real-estate experts note that with an unprecedented 29,000 new condominiums completed in the Greater Toronto Area this year, renters now hold more negotiating power. A reported 6,549 condo units are available for lease, resulting in a 29% increase from last year. Competitive offerings, including discounts and bonuses, have surged, with 63% of buildings providing incentives, thereby increasing vacancy rates in modern rental units.
Read at www.cbc.ca
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