- Joined
- Aug 31, 2007
- Messages
- 493
QUOTE (JeffFisher @ Nov 29 2008, 12:07 PM) Interestingly discussion. My partner and I have just purchased our first property that closes early in January. It`s our first investment property (a townhouse in N.E. Edmonton). Asking rent in other properties in development are $1150 per month and $1195 per month quite a bit lower than rentometer.ca would suggest!
You can`t base market rent soley on "rentometer". It`s a guideline, but not a very accurate one because it only represents the rent of those that have taken the time to go on there and list it. Landlords using rentometer are probably a bit more savvy than your average landlord, so it`s quite possible that the #`s are scued a little higher than average. As well, when using rentometer as a guide it can`t distinguish for you the condition of the property and last time I checked it didn`t seperate basement from above grade apts either. The best way to really know what your property can get in rent is to go out there and see what`s out there. Look at other apts in person. Look online at what`s being rented, you can get a good idea from pics how it compares. If you can`t do the due diligence yourself then make sure that you hire an excellent property manager that you trust.
T.
You can`t base market rent soley on "rentometer". It`s a guideline, but not a very accurate one because it only represents the rent of those that have taken the time to go on there and list it. Landlords using rentometer are probably a bit more savvy than your average landlord, so it`s quite possible that the #`s are scued a little higher than average. As well, when using rentometer as a guide it can`t distinguish for you the condition of the property and last time I checked it didn`t seperate basement from above grade apts either. The best way to really know what your property can get in rent is to go out there and see what`s out there. Look at other apts in person. Look online at what`s being rented, you can get a good idea from pics how it compares. If you can`t do the due diligence yourself then make sure that you hire an excellent property manager that you trust.
T.