By Condo Culture
If you're an investor with a long term rental unit, chances are you're interested in maximizing your return.
Ontario landlords that own units that are currently occupied however can only legally increase annual rent by a maximum amount and must provide tenants with at least 90 days written notice when doing so. This amount in 2021 was 0% to support renters during the COVID-19 pandemic, but will increase to 1.2% in 2022.
Landlords of new or recently vacated rentals however, have complete freedom to determine what they wish to charge for their unit. While current and recently rented comparative rentals (i.e. age, location, size) will provide a good idea of what renters are willing to pay, there are other factors that will influence whether a unit could rent for higher than the market average.
To generate the most income and return on a rental, check out our following list of easy ways to make more rental income:
Pricing a rental unit too low and there is the risk of losing potential rental income; too high and a rental may sit on the market for an extended period, again losing money. At Condo Culture, our leasing team includes licensed Realtors and professional videographers and photographers whose experience and market knowledge ensures your unit is rented at the highest possible rental rate in as little time as possible. For more information on Condo Culture leasing services read our earlier blog post, Save Time, Money & Find The Perfect Tenant For Your Condo Investment!