Rental Pricing

[Mattloaf]

I'm looking at a potential investment property in Sunalta. It's the street facing top unit in a 3 story building. Nice and clean, 3 bedrooms around 1200sq ft. The one bedroom across the hall is renting for $1300/month (way over priced, but rented consistently for the past 3 years...).

What would a reasonable amount for a unit like this be?

Other info:

-1.5 bathrooms
-1 covered parking stall
-north facing
-newly renovated with concrete countertops, stainless steel appliances and hardwood throughout.

[boxer23]

I would be careful about buying in Sunalta, it seems that there are quite a few condominiums that were converted from rental units a little while back leading to big assessments for condo owners in the near term future. If you take a look at the most of the buildings there, they have pretty high condo fees, so even if you could rent out for $1100, the condo fee would probably be around $500?
just my two cents.

[assram]

Just check out comparables on rentfaster/kijiji.

This is exactly what your potential tenants are going to be looking at, so you just want to be priced reasonable among them. If you're more expensive, you better have a good reason.

[kenny]

Originally posted by Mattloaf
The one bedroom across the hall is renting for $1300/month (way over priced, but rented consistently for the past 3 years...).

If it has been rented consistently for the past 3 years, I'd say its priced just about right.

[Mattloaf]

Good call. I suppose that was just my opinion. I wouldn't pay that much for a small 1 bedroom place.