Even as the pandemic subsides, residential landlords are still offering renter incentives to fill vacant units in most large Canadian cities. During the height of the pandemic in 2020 and 2021, promotions devised to lure tenants flourished, but many landlords anticipated the need to discount would be long over by now.
This is not the case according to new data compiled by Rentals.ca, Rentfaster.ca, RentBoard.ca and Louer.ca. An abundance of renter incentives and promotions can still be found in rental listings running through March and April, primarily by landlords and property managers based in Toronto, Montreal, Calgary, Edmonton and Winnipeg. Vancouver is one of the few exceptions given the city’s low vacancy rates and high housing demand.
While incentives are no longer as creative or varied as they were during the initial lockdown period, numerous listings continue to offer one- or two-months’ free rent with signed leases, gift cards, cash bonuses, or free cable and/or Internet service for a prescribed period.
Older or newly renovated buildings make up the bulk of buildings still offering renter incentives compared to new, purpose-built developments. Examples of promotions currently offered in Toronto include a $2,500 Visa gift card, a year-long Altea Active gym membership, and up to two months’ free rent.
In Calgary and Edmonton, prospective tenants can still find a good deal of incentives in rental advertisements given the higher vacancy rates that continue to impact these markets. Aside from cash bonuses, gift cards, and discounts on services, common incentives include student, senior, military and first responder rentla discounts, as well as complimentary or discounted cable and internet.
“Rent today and save up to one month plus receive a $200 Energy Savings Credit with the most exclusive rates on TELUS Optik TV and high-speed Internet. Students receive a $300 move-in bonus,” offers one Calgary-based property manager.
For more examples of renter incentives currently on offer in Canada, click here.
