Renter incentives still abundant in Canada’s largest cities: Rentals.ca
According to new findings from Rentals.ca, incentives and promotions to “entice the best renters in Canada’s largest cities” continue to thrive, even after the height of COVID-19.
“During the height of the pandemic last year and in 2020, promotions flourished, but many believed they would evaporate as the pandemic diminished,” says Rentals.ca. However, 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.
Many promotions are offered for March and April by landlords and property managers in Toronto, Montreal, Calgary, Edmonton and Winnipeg, according to the organization.
Although renters still have to opportunity to find incentives, Rentals.ca states that they are not as creative or varied as those during the initial lockdown: “Most promotional offers for prospective tenants are for one or two months free rent with signed leases, gift cards, cash bonuses or free cable and/or Internet service for a prescribed period.”
In Toronto, prospective tenants can find incentives for one to two months free rent. Some may also have a chance to find a few gift card offers and move-in bonuses. Many of the rental or leasing company promotions are for older buildings or newly renovated buildings compared to newer buildings. These incentives will remain for the near future, according to Rentals.ca
Montreal tenants are subject to promotions for one month’s free rent for older buildings or newly renovated units. Rentals.ca states that Vancouver landlords did not offer many incentives during the height of the pandemic and are not offering many now. The city has the highest average rents in Canada, and a low vacancy rate making rental units expensive and hard to find.
Prospective tenants can find a lot of incentives and discounts in Calgary which has a higher vacancy rate and cheaper rents. Incentives here are likely to last for the long term because of the higher vacancy rates, according to Rentals.ca. Many landlords and property managers offer one to two months free rent, and some also throw in cash bonuses, gift cards or discounts on services for new and old buildings.
Edmonton has even cheaper rent and a higher vacancy rate than Calgary. Incentives here are likely to last for the long term because of the higher vacancy rates, says Rentals.ca. Incentives include one to two months free rent offered along with cash bonuses, gift cards and discounts on services for new and old buildings.
In Winnipeg, incentives are offered for older and newer buildings, and many are for discounts on rent or one or two months’ free rent according to Rentals.ca