Landlords and property managers in Metro Vancouver are offering bonuses, such as a free month’s rent, in an attempt to potential tenants.
A combination of sky-high prices and a low vacancy rate — currently sitting at one per cent — has long plagued those in the hunt for a new home, but, according to experts, the market is now on the precipice of change.
“For the first time in six years, it’s a tenant’s market,” said Moe Mousavi, a property manager at Macdonald Realty.
He says landlords are now being forced to offer incentives because there’s more supply in the market than demand.
One of Mousavi’s clients has a new building with 157 available rental units. He says each one includes incentives.