These Toronto Landlords Are Offering Residents Up To 2 Months Of Free Rent
Living in the 6ix can often get expensive, especially if you are looking for a new place to rent. However, some Toronto apartments for rent are making it a bit easier for future tenants. According to a Rentals.ca report, multiple locations are offering up to two months of free living.
According to a July 2020 report by Rentals.ca, apartment prices have been steadily dropping in Toronto due to a decrease in demand during the worldwide pandemic.
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Toronto rental apartments are now around $3.19 per square foot, which has dropped from the $3.38 per square foot that was seen back in January 2020.
"The unemployment rate is still high, immigration will be well below recent annual intakes, and many students will continue to live at home as classes are held virtually. These will all negatively impact demand," Ben Myers, President of Bullpen Research and Consulting Inc., states in the report.
To address the issue, landlords across Toronto have begun offering free rent to entice interested renters.
Narcity reached out to Rentals.ca to find out which buildings were offering this sweet deal.
Rentals.ca told Narcity that there are at least six apartment units in the 6ix that will be giving tenants free rent if they move in.
With a monthly rent of $1,905 to $2,940 per month, 18 Erskine Ave. will waive the first two months of fees. This could save the tenant up to $5,880.
Some units are also offering one month of free rent — 342 Avenue Rd. will waive a month of fees if you sign on for an annual lease.
As well, 411 Duplex Ave. and 25 Selby St. are also offering the same deal.
Other units, like 191 Sherbourne St., are offering up a special where renters won't have to pay until September.
If you're looking for something a little more than free rent, 561 Sherbourne St. has announced that they will also give you one year of free parking and a $500 gift card.
So if you're looking to save some money these upcoming months, it's time to start packing your bags.