Leasing agent Shawn Langille told Global News that gone are the days of advertising a property with a high rent and getting a strong response. “You have to get the rents in the same comparison as your competitors and offer the incentives,” he said. One property he is marketing has been empty for 6 weeks and the rent has already been cut by up to $300. The vacancy rate in the Calgary area is between 10 and 20 per cent according to the area’s rental association and there has been a surge in ads for rental properties in recent months.
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Landlords in Alberta are working hard to fill vacancies in rental markets hit by the downturn in the energy sector. Incentives are routinely offered to tempt tenants including gifts and free rent.