A Majority Of Toronto Apartments Are Giving Away Free Rent As People Flee The City
A majority of Toronto apartments are now being forced to offer free rent and other incentives to bring in new tenants.
People are continuing to flee the 6ix to live in smaller cities, which according to Urbanation, has caused GTA vacancy rates to reach record highs.
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As a result, the average rent for apartments in the 6ix was down 10.1% from last year in newer builds, says the report.
"The decline in rents was additional to widespread incentives being offered in the market. About two-thirds of buildings were offering free rent periods of one to three months to attract new tenants," an excerpt from the report reads.
For example, apartment complexes like Brentwood Towers and the Montgomery are offering one to two free months of rent to attract tenants.