In a softening rental market where incentives have become the norm, a major Toronto developer is trying something new: offering tenants Aeroplan points every time they pay rent. Fitzrovia, Canada’s largest purpose-built rental developer, has partnered with Toronto fintech company Chexy to allow residents across all its buildings in the GTA to earn rewards normally associated with travel—not housing.
Under the new program, tenants who sign a lease can receive a bonus of 5,000 to 50,000 Aeroplan points. After moving in, they can earn up to two points for every dollar paid in monthly rent. Payments can be made through debit with no transaction fees when pre-authorized, or by credit card through Chexy’s platform, with fees waived for the first three months before a standard 1.75 per cent fee kicks in.
Fitzrovia CEO Adrian Rocca says the company is betting on loyalty rather than typical freebies like free rent, parking or Wi-Fi. “We see loyalty not as a marketing perk, but a long-term investment in the relationships with our tenants,” he told CTV News Toronto. Chexy co-founder and CEO Liza Akhlevdziani Carew added that tenants keep their points even after moving out because they are tied to their personal Aeroplan account.
While Aeroplan rewards may be unusual, incentives themselves are becoming widespread. Zoocasa CEO Carrie Lysenko says roughly 65 per cent of purpose-built rental projects across the GTA offered some form of incentive in the last quarter—up 36 per cent from a year earlier—as landlords compete to fill units and cover their mortgages. Many developers are giving one or two months of free rent, reduced parking or locker fees, or cash bonuses.
The surge in incentives is tied to a dramatic rise in rental supply. Urbanation data shows that nearly a third of purpose-built rentals in the Greater Toronto and Hamilton Area now offer two or more months of free rent, compared to just 11 per cent in 2024. Vacancy rates reached 2.5 per cent last year—the highest in 15 years—driven by an explosion of new construction. About 35,000 purpose-built condo rentals were added in 2024, more than double the decade-long average.
This year, the vacancy rate for rental buildings constructed since 2000 reached 3.5 per cent, nearly double that of two years ago. As of the third quarter of 2025, nearly 25,000 purpose-built rental units were under construction, marking the strongest pipeline of new rental development in 50 years.
Industry experts say demand has cooled as supply grows. Lysenko points to the federal government’s reduced immigration targets and caps on international students as key factors lowering rental pressure. With more units available, renters now have bargaining power, and the Toronto Regional Real Estate Board confirms average rents have begun to fall. The average one-bedroom rent across the GTA dropped 5.8 per cent from last year, landing at $2,355 in the third quarter of 2025.
With thousands of new units hitting the market and more expected in 2026, analysts say renters will continue to enjoy a wide range of choices—and landlords will keep searching for creative ways to stand out.