If you do not have a licensed property manager on board like a lot of real estate investors, you may be second-guessing how much to charge for rent when a unit comes available. Here are some tips:

Rentometer

This website is a bit of a shortcut to see all of the rentals in the area. It’s US-based, but works just fine. You get some free reports before needing to pay so it’s worth checking out.

Rentometer

Don’t listen to those that are not in the business

Lots of people around you may like to chime in on what they think something will rent for. Most of the time, they really aren’t informed about what’s going on in the market. They are basing their opinion on a few pieces of info or stories they’ve heard. Ignore them… Or better yet, hire/consult a licensed Property Manager.

Check your competition

Have a look at all of the competing rentals. Some of the property management sites display the ‘rented’ units in addition to what is available now. If you can do this for a couple of months leading up to your unit coming available it’ll give you a more accurate number and more confidence when you start advertising it.

Here’s a list of all of the rental sites in the Comox Valley – Rental Websites in the Comox Valley

Make a spreadsheet to track them all and do a comparison. What if your rent rate is $100/mo too low? That’s $1,200/yr left on the table. Spending an hour researching rental data usually pays for itself.

Don’t push the rent rate

It’s easy to get carried away with your rent rate. Going too high above-market rent will generally result in:

1 – Resentment with your tenant. Everything will be fine until they move in, then every month when rent is due, the phone will ping with maintenance issues or small complaints. They will constantly be trying to justify their ‘overpriced’ rental and you will end up being the target.

2 – High turnover. Current BC tenancy laws favour tenants in a lot of ways and the tenant will likely be looking for a new rental before they even move in. Consider the costs of a turnover – is it worth it?

Conclusion

Do your homework and don’t get greedy! 🙂 Happy investing!