Do Move-In Incentives Create More Appeal For Renters?
1.5 min read
As we’re making our way through 2022, we’ve seen the rental market experience high demand with little to no inventory. This has caused prices to rise as tenants enter a bidding war that sets new standards for rent pricing. Because of this, there are rental units available, but no tenants are willing to put in an offer because of high prices or fear of competing with others.
To combat this issue, Toronto has seen an increase in incentives for people looking to rent. These incentives include anything from one 1-month of free rent and gift cards to free gym memberships or partnering with local stores to offer a deal with its new neighbours.
However, many are wondering if incentives are worth the high price tag? How will one month of free rent compensate for rent through the year or a free gym membership? Many say that receiving these incentives will allow them to save money and allocate those savings over the coming months. As a renter in Toronto, it is essential to consider whether these incentives are necessary to attract tenants or if they will not have any effect due to rising rent prices.
Reference
Staff, D. H. T. (2022, March 7). Urbanized. Free rent offered as move-in incentive at these Toronto apartments. Retrieved April 5, 2022, from https://dailyhive.com/toronto/toronto-rental-incentives
About Westhaven Group
WHERE INTEGRITY AND RELIABILITY MEET.
Westhaven Group oversees a collection of companies involved in managing and trading over 600,000 square feet of real estate across the City of Toronto and surrounding areas.
With multiple years of experience in the industry, our team works within residential and commercial spaces ensuring every aspect of real estate investment is covered.
Westhaven Group is a go-to source for all of your company needs.