Landlords of luxury properties, faced with a slowdown in the sector, are offering competitive rents.
'It's a tenant's market,' Fizzy Pavri, residential agency director with Colliers Jardine, said.
Instead of being keen to see tenants leave, landlords are now offering negotiable rents to keep them.
Ms Pavri said it would take another three months before rents moved upward. The economic turmoil and a decline in demand has seen rents of luxury properties fall by about 20 per cent since last year.
Jones Lang Wootton's figures show luxury residential rents fell 9- 10 per cent during the fourth quarter.
A 3,000-square-foot house in Watford Villa on The Peak was recently let for $115,000 per month, down from $140,000 last year.
A landlord who was asking $250,000 per month for a house on Mount Kellett Road would be lucky to get $180,000, according to another agent.
