Rental rate for Edmonton

[talno]

Hello,
I own a 3 bedrooms 1.5 bath rental townhouse in Edmonton Westend (Callingwood) 1200 sqft,finished basement. The place will be up for rent January 2008. Any idea on what the rent should be from a market perspective?

At my current carrying costs $1200 would allow me to break even but I plan to renovate before renting and would like to get a idea on how much I can spend without pricing myself out of the rental market.
Cash flow would be nice but I am having trouble establishing the rent as the rates are all over the place from $1100.00 to $1500.00 per month for similar. Appreciate your comments!

 

[PaulPoulsen]

Hi talno;

Check out http://www.rentometer.com/rentometer/index_ca. It should give you a pretty good idea of what rents are like in and around the area.

 

[RebeccaBryan]

I know my sister and brother-in-law, also REIN members, are getting 1450/mo for a 3 bedroom 1.5 bath condo near the WEM.

 

[talno]

QUOTE (PaulPoulsen @ Nov 19 2007, 12:48 PM) Hi talno;

Check out http://www.rentometer.com/rentometer/index_ca. It should give you a pretty good idea of what rents are like in and around the area.

Thanks. Great tool!

 

[talno]

QUOTE (RebeccaBryan @ Nov 19 2007, 02:30 PM) I know my sister and brother-in-law, also REIN members, are getting 1450/mo for a 3 bedroom 1.5 bath condo near the WEM.

Thank you. Sounds good to me!

 

[RebeccaBryan]

Adding to my last post. It`s also a townhouse and if not in Callingwood, right beside because the Callingwood Arena is to the West of it. Also their condo is renovated nicely, but the basement is not renovated. If you renovate it you should easily be able to get $1450, it`s a great area.

 

[talno]

QUOTE (RebeccaBryan @ Nov 19 2007, 08:12 PM) Adding to my last post. It`s also a townhouse and if not in Callingwood, right beside because the Callingwood Arena is to the West of it. Also their condo is renovated nicely, but the basement is not renovated. If you renovate it you should easily be able to get $1450, it`s a great area.
Thanks so much! I am new to the renting thing since I bought all my townhouses already rented! this is the first vacancy I will be dealing with and I am bit concerned about how long it will take to rent. I know that vacancy rate is very low in Edmonton but it will be right after Christmas and New Year, going into winter!
any tips on how to screen prospective tenants? and where to advertise for best returns. I am looking for some kind of application form I could use to screen tenants.

 

[RebeccaBryan]

Talno,

Everything you need is in the critical forms section on this website. The rental application and the Tenancy Lease Agreement. Also sign up at rentcheckcorp so you can check their credit history. Get a copy of the pro-active Landlording from REIN. It`s very helpful.

Also check ID to make sure they are who they say they are. Also call past landlords. Ask them first "Do you have a place for rent?" That way you can weed out the applicants that have given their friends name as their previous landlord. Those are just a few tips. There are many more. One more thing. Don`t try and judge someone by how they look or you will likely end up learning from the school of "hard knocks."

 

[Grant]

To add to Rebecca`s post, the Critical Forms section is accessible to REIN members only, so talno won`t be able to access it at the moment.