Fitzrovia is taking a rare approach to wooing and retaining multi-family tenants.

The Toronto-based developer has teamed up with fintech company Chexy to offering Aeroplan air-miles points to new and existing tenants, the Toronto Star reported. Residents who are Aeroplan members can use Chexy’s platform to collect points on all rent payments. The program awards two Aeroplan points for each dollar spentevery time they pay rent.

New tenants can also register as Aeroplan members when they sign a new lease, the Star reported.

“We’re taking the process of paying rent and turning it into something aspirational,” Adrian Rocca, Fitzrovia’s president and CEO, told the Star. “You pay rent for a year and get a free trip to Europe.”

Liz Akhviedziani Carew told the Star that the program is turning one of the “largest and most painful expenses” into one that provides better opportunities for tenants.

Residents will have the option of paying rents with debit or credit cards, and new tenants at select buildings can pay their rent with no transaction fee for pre-authorized debit payments, according to the Star. All Fitzrovia residents using their credit card to pay rent will receive a three-month transaction-fee exemption. A 1.75% transaction fee will be applied after the three-month period is 1.75 per cent per transaction.

Tony Irwin, president and CEO of the Federation of Rental-housing Providers of Ontario, told the Star that Fitzrovia is using the offer to raise awareness among prospective tenants. Such an offering is unusual.

“Fitzrovia’s incentive is new to me, it’s not one I’m familiar with. Typically we see one or two months of free rent,” Irwin told the Star. 

Pictured: Fitzrovia apartment project in Toronto’s Yorkdale district.

Photo: Fitzrovia