Big incentives for Toronto renters

Landlords in Toronto are offering incentives and bonuses, such as free rent, gift cards, and parking, to attract tenants due to a surplus of rental properties. This has led to an unprecedented drop in rental prices, which were previously close to those in Vancouver and New York. The surplus is due to the collapse of the vacation industry, which has resulted in many short-term rentals being converted to long-term rentals, and a lack of movement into the city by immigrants, students, and out-of-province workers. The incentives apply mostly to smaller high-rise condos, where investor units (Airbnbs) are concentrated, but low-rise triplexes and duplexes without lobbies and elevators have not seen the same price drops or surge in supply.