TORONTO -- As supply continues to outweigh demand in Toronto’s once white-hot rental housing market, one apartment building is looking to entice prospective tenants with some new incentives.
Tricon Residential, which operates The Selby, says it wants to pay your first month’s rent and cover your moving expenses if you choose to move into their luxury apartment building located in the city’s Upper Jarvis neighbourhood.
There are some strings attached, but the deal is pretty straightforward.
According to the Selby’s website, the offer includes one month’s rent concession on the base rent of the leased suite and only applies to new tenants who sign a 12-month lease agreement.
Tricon says that new residents must satisfy their "qualifications," be notified of approval and have all their documents ready by March 31, 2021. The company says that the offer may also be changed or cancelled at any time in their "sole discretion."
As for the moving costs, you’ll have to use the company Last Box Moving and keep your receipts for reimbursement. Tricon says it will cover up to $500 in moving costs for a one bedroom apartment, up to $650 for a two bedroom and up to $800 for a three bedroom.
In addition to the requirements listed above, any future tenant must move in by April 30 to cash in on the offer.
The incentive is one of many offered recently in Toronto’s rental housing market to deal with a glut of apartments and condos left vacant in COVID-19’s wake.
Experts have chalked up the surplus of condo supply to people opting to work from home , a decline in short-term rentals, and university and college students who are learning virtually.
READ MORE: 'Once in a lifetime' rental market price drop leads to crazy incentives
As a result, over the past several months landlords and condo developers in the city have offered up gift cards, free internet and other perks to lure in new tenants.
