Toronto renters finally have more leverage, here’s how they can use it

Due to a real estate market shift, Toronto renters are facing a rare opportunity: for the first time in years, they have room to negotiate.

According to a leasing specialist and sales representative at KING Realty Co., Ashley Tearra Williams, the biggest reason for this shift can be traced to one structural change in the market: volume.

Williams says that across the GTA, the number of near-identical condo units available at the same time has climbed in a way she hasn’t seen in past years.

“Honestly, I would say No. 1 is the volume of units that are hitting the rental market,” she told Now Toronto on Friday. “Even in some downtown condo buildings, you’re seeing there’s 10 to 15 identical units available at the same time, same layout, size, views, finishes.”

This flood of listings has quietly tilted the balance of power. Landlords can no longer rely on scarcity to command top dollar, and renters, for once in a long time, have alternatives.

“This is kind of where I think tenants have a lot of options and landlords know that tenants have a lot of options, and that’s kind of where that shift alone has created more of a competitive environment on the landlord side,” she said. 

According to the Building Industry and Land Development Association (BILD), new home sales in the GTA have now hit historic lows for the thirteenth straight month, with condo apartment sales dropping to just 248 units in Oct., two per cent below last year’s record-setting low and a staggering 88 per cent under the 10-year average.

WHY IS THE MARKET SHIFTING AND BECOMING MORE FLEXIBLE?

With an abundance of similar options available, Williams says negotiations are happening more often, and they’re working. She attributes this not to falling rents overall, but to changing conditions that make landlords more willing to bend.

“I am seeing that it is successful. People are definitely trying,” she said, noting that many owners are navigating a tough moment for condo sales. 

“Landlords know that this market to sell is maybe not the greatest for them right now. So, they are open to having a conversation, of coming down in price.”

For landlords, it often becomes a question of simple cost-benefit.

“What’s more favourable, maybe negotiating $150, or having the unit sit vacant for another month?”

The trend appears to be expanding beyond downtown Toronto, as Williams says it has spread across multiple corners of the GTA.

“I think it’s all over GTA. It’s Mississauga. It’s downtown Toronto. There’s pockets in Oakville, Burlington… there’s just a lot of inventory with these condos right now,” she said. 

She also notes that renters are encountering different types of buildings, from traditional investor-owned condos to purpose-built rental buildings, each offering its own screening and management process.

HOW CAN RENTERS NEGOTIATE?

Williams says the strongest leverage renters have come from preparation: understanding the market, knowing when similar units are priced lower, and presenting well-organized paperwork.

She’s also seen landlords experiment with incentives to keep units competitive, particularly in larger towers with many similar layouts.

“I have seen some landlords waive a month or two [of rent], especially in larger buildings where they’re competing with similar units. I’ve seen… free internet for a fixed term,” she noted.

Still, negotiations don’t always succeed, as some landlords might simply have financial constraints or specific thresholds they won’t change.

“Some landlords are just very firm in what they’re looking for and the price point that they want.”

This is where a polished application becomes crucial, as Williams says organization and transparency can strengthen a renter’s position even beyond other criteria.

“Providing everything… the full Equifax report, the pay stubs, the ID… package it together very nicely. Be strong and organized, because that in itself gives the landlord confidence, and then that gives you some leverage when it comes to negotiating,” Williams said. 

For anyone hoping to secure a new place, one detail remains important: their credit score.

“Make sure that your credit is intact; that is the number one thing they look for.”

Above all, Williams says renters should feel encouraged to ask questions and negotiate conditions, especially if they’ve maintained a positive relationship with their current landlord.

“If you have a clear, open sense of communication with your landlord, where you guys have been on good terms. You’ve gotten along… it doesn’t hurt to ask.”