Rental Market Analysis
How to determine the rental amount for your investment property
OVERVIEW & PURPOSE
Determining appropriate monthly rental amounts to charge your tenants, ensures your unit will be filled in a timely manner while allowing you enough cashflow to cover your expenses.
Factors of Consideration
You have heard it before in regards to Real Estate, Location, Location, Location. It’s also true for your investment property. Picking the right city in the desirable neighbourhood all go into determining if the tenants in that area are willing and able to pay your price. Typically a cities population that earns a higher income can also afford higher rents. Unfortunately, buying in those cities will also come at a premium, keep a lookout for deals( a good Realtor can help with this).
Glenn Brown is owner of My Rental Unit property management and has enjoyed success with multiple unit investing.