With Vancouver housing and renting prices being one of the highest in Canada, multiple residents are struggling to afford a place of their own. These insanely high-prices and low vacancy rates have led to landlords becoming just as desperate to house tenants, as tenants are to find a place to live. One way in which landlords are trying to get some new tenants is by offering free rent on apartments.
Yes, you read that right. Landlords all over Vancouver are offering one free month of rent to tenants who choose to rent out their space. To make matters even better for the potential tenants, it's not just a handful of rentals, but dozens. Searching through Craigslist, multiple ads pop up offering you a variety of choices with free rent attached to all of them.
CBC News states that due to the low vacancy, the rental market is now being run by the tenants and landlords are being forced to offer special incentives to 'woo' potential renters. With the number of vacant apartments on the rise, it gives the tenant a lot of variety to choose from, leaving landlords desperate to rent out their spaces.
It's not just free rent that is being offered either. CBC News states that one apartment building, The Westminister, is offering to cover the cost of packing up your belonging and moving them to your new apartment if you choose to rent with them.
Other apartment buildings are also offering free parking and other crazy incentives. Just last month, Narcity reported on a Vancouver condo owner who was offering free avocado toast for a year to those who chose to buy a condo within their complex.
One of the many Craiglist ads that appear while searching for a rental space, is in Vancouver's West End. It showcases a Jr. 1 bedroom for $1905 a month. However, if you are to rent out this space, they will give you one full month of free rent. Heat and hot water are also included in the price and the building is pet-friendly.
Some other apartments are going above and beyond. They are not only offering free rent, but also free parking. This 3 bedroom apartment building is offering any tenant who signs a one-year lease one month of free rent and six months of free parking. Hot water and heat are including in the $2599/month rent.
However, CBC News states that there is hope for the rental market in Vancouver improving. Rental prices are finally starting to fall again within the city, making it easier for tenants to afford a place to live.
CBC states that while a majority of 1 bedroom apartments in the city are priced around $2,300/month by next year prices are expected to drop to $1,800.