4 Steps to Set Competitive Rental Property and Lease Rates
Are you looking to buy a rental investment property? If so, you might be interested in renting out the units of your rental investment property and making profits in the long run. However, as a landlord, you must understand that renting out units at the right rental price will bring you the desired revenue as opposed to being aggressive. Moreover, you also need to know landlord and tenant Toronto market while setting rental unit prices. In addition to this, there are certain steps you can take while setting the rental unit prices to ensure your rental units aren’t vacant.
Explore other rental prices in the region
Before you set the price for your rental units, it would be wise to explore the rental prices of units in the region. Approach any “for rent” signs and get to know how much the landlord is charging. Ensure to explore rental houses that are similar to your rental units in design, number of rooms, square footage, local amenities, and general neighbourhood. Talk about any other utilities included in the rental price.
Do the math
When you buy a rental investment property, you will spend a large sum of money. Moreover, you will spend money to make the rental units comfortable for your potential tenants. This will all add up to a large amount. You need to ensure the rental prices not only allow you to retrieve your initial investment costs but also help you make profits. Most landlords charge at least .8% to 1.1% of the property costs.
Highlight unique features of your rental units
When you are deciding on rental unit prices, make sure to highlight the unique features of your rental units to get comparable pricing. Including internet, utilities, and cable is common when setting rental unit prices. You can also highlight value-adding features such as central air, home security systems, grass upkeep, snow shovelling, and more. While you are preparing rental agreements highlighting these features at a comparable rental price, make sure to get legal advice Toronto.
Get property management services
Getting property management services while determining the rental unit process. Such services will do a full market analysis on your behalf to help you set the right prices. Moreover, property management services ensure that your rental units aren’t vacant by providing effective property marketing services.
As a landlord looking for potential tenants, setting a comparable rental price is essential. We at SW Legal Service PC offer the best paralegal Toronto services to landlords and tenants in Toronto. Whether it is legal assistance to set rental unit prices or make rental agreements, we have got you covered.
Call us now to find out more.