Residents of four local apartment buildings have been notified that the lifespan of their reasonable rates is coming to an end. Residents used to pay anywhere from $275 to $450 for rent, however it looks like will not be around much longer.
In the months the residents of three downtown apartment complexes, along with one Sunningdale, in some cases might have to pay as much as 67% more in rent or be forced to find somewhere else to live.
These increases are a result of a recent shift in management.
Zarkor Property Management Ltd., is a Regina based company, and have recently purchases the four complexes from Den Joy Holding, a British Columbia based company.
Rent increases might not take effect until April 1st, 2010; many of the building tenants have begun to express feelings of distress. Rent at this price is exactly what the residents of these building are looking for.
It is sad to say, that this rent increase cannot be avoided, if it was only the current landlord making an increase, then it would not be as high, however this is not the case. It is a new management company, and they are allowed to legally raise the rent by as much as they want, once there is at least 6 months of notice to the tenants, which has been done.
Jeff Markewich
Broker of Record with InfoMarket Group GMAC Real Estate
www.imgrealestate.ca
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