A property management company that cater to high-end income earners reveals how a $17,000 monthly rent still fits for some and that it's actually getting cheaper, CBC News reports.
A rental network company based in Calgary, Citysearch's owner Lisa Hamielec says that there are still people hunting for properties despite the market changes.
"The high-end rental market is still relatively active in terms of tenancies we are putting together for large homes and high-end condominiums," Hamielec said.
"However rents have dropped over the past six to 12 months in the order of about 30 to 35 per cent."
She added that those who are looking to buy are for the mean time resorting to renting to give time to observe the market, and are having a hard time finding the right home for them.
"The person that is looking to secure a rental property has more options. Rather than looking at three or four options, they might be looking at five or eight options, and rather than making a quick decision that day, they might make a decision over three or four days," Hamielec said.
David Bee, who works with Citysearch by leasing properties and who is also working together with different corporate relocations admits that the numbers are indeed down.
"Anybody who's going to rent a place for eight, nine, $10,000 a month either runs a company or owns a pretty significant company, and there's less of those coming to town," Bee said.
Property owners always take the driver's seat when it comes to setting a rental price, says Hamielec. But she also offers them an advice.
"The message that we often send to our owners is that in today's market, an effective strategy is to mitigate and offset your expenses and ride out the market until we see happier days in Alberta."
