What Is It Rented for Now?

If your property is currently rented, or it was rented within the last 12–18 months, you already have a good starting point. Keep in mind that rental markets change over time due to supply, demand, local regulations, and economic conditions.

Instead of assuming a fixed annual increase, compare your current rent with today’s market rates to determine whether an adjustment is appropriate.

What Are Comparable Properties Renting for Right Now?

If you have neighbours or friends renting similar properties in your neighbourhood or building, ask what their units are renting for. Recent rental prices provide valuable insight into current market conditions and help you estimate a competitive rental rate.

What Makes a Property Comparable?

When comparing rental properties, consider:

  • Number of bedrooms
  • Number of bathrooms
  • Square footage
  • Property age
  • Location
  • Parking availability
  • Outdoor space
  • In-suite laundry
  • Included utilities
  • Pet-friendly policies

If your property is more than 10 years old, compare it with homes that have a similar level of maintenance and renovations. A recently updated property will generally command a higher rental price than one with original finishes.

What Are Similar Properties Asking for Rent?

Check the most popular rental platforms to see what similar homes are currently listed for.

Some of the most commonly used rental websites include:

  • Facebook Marketplace
  • Zumper
  • Rentals.ca
  • Realtor.ca Rentals (where available)

These platforms allow you to filter listings by:

  • Bedrooms
  • Bathrooms
  • Price
  • Neighbourhood
  • Property type
  • Pet-friendly options
  • Parking
  • Furnished or unfurnished

While asking prices don’t always equal the final rental amount, they provide an excellent indication of the current market.

What Does a Property Manager Think?

A professional property management company should be able to provide a realistic rental value or pricing range for your property.

We provide a Suggested Asking Rent when you complete our Rental Rate Assessment. Our recommendations are based on current market data and are typically very close to the final rental amount once a qualified tenant is placed.

When speaking with a property manager, ask questions such as:

  • What comparable properties have you rented recently?
  • What similar rentals do you currently manage?
  • Can you show examples of comparable listings?
  • How active is the rental market in my area?
  • How long are similar properties taking to rent?

These questions will help you understand how the recommended rental price was determined.

Price Your Rental Correctly

Pricing your rental accurately helps reduce vacancy, attracts qualified tenants, and maximizes your long-term return on investment. Setting the rent too high can leave your property sitting vacant, while pricing it too low may reduce your overall rental income.

If you’d like a professional opinion, complete our Rental Rate Assessment and we’ll provide a customized rental price recommendation for your property.

If you’re still exploring your options, we’re also happy to schedule a short consultation to discuss current rental market conditions and help you determine the best pricing strategy.

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*The above information is not to be relied on as legal advice. If you require professional or legal advise for your personal circumstances, please reach out to us for a referral, or consult with us for property management services.

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