| There are many factors which need to be considered | | | | with children generally go on holiday while school is |
| when calculating how much rent to charge. Choosing | | | | closed); the off-season would be considered the |
| the correct price means you get the most rent for | | | | winter months. One exception to this would be ski |
| your home without scaring away potential tenants by | | | | areas. Check the listing prices at holidayhomes.ca |
| overpricing. Factors to consider when determining the | | | | Competition: How much are other houses in your |
| correct price include: Location: The real estate adage | | | | neighborhood renting for? No matter what your |
| "location, location, location" applies equally to rental | | | | house is worth, if other similar homes in the area are |
| values as to selling values. In other words where | | | | under priced, tenants will generally rent that home |
| your property is located will, to a large extent, | | | | first. Formulas and rules-of-thumb for calculating rents |
| determine how much you can realistically ask in rent. | | | | are plentiful. We have found none which are |
| Its proximity to desirable venues such as waterfront, | | | | foolproof. However, to give someone contemplating |
| downtown, universities/colleges or sporting/special | | | | entering the fully furnished property rental business |
| events will impact on the demand and therefore the | | | | something to work with we offer the following very |
| rental value. | | | | general rule-of-thumb. The monthly rent a property |
| Condition: Obviously the condition and level of upkeep | | | | may attract on a "normal" long-term tenancy rental |
| of your property will have a considerable impact. | | | | may be similar to the rent that could be achieved on |
| (Perhaps this is a good time to reiterate the | | | | a "vacation" rental for one week. E.g. A 2 bedroom |
| importance of describing and presenting your | | | | condo, which may rent for $500.00 per month with a |
| property in a truthful and honest way. The | | | | tenancy agreement in place, may rent for $500.00 |
| implications of not doing so can be far-reaching and | | | | per week on a shorter-term "vacation" rental. |
| costly). How much wear and tear do items such as | | | | Remember that you will be incurring expenses on the |
| carpet and vinyl have? Do the walls need to be | | | | "vacation" rental that you would not normally incur on |
| painted? Is the lawn and yard mowed and free of | | | | the other. Expenses such as electricity, gas, basic |
| weeds? Is the property neat and free of | | | | 'phone, cable, cleaning, etc. and other, less tangible, |
| unnecessary clutter? Time of the year: Demand | | | | costs like wear and tear on the appliances and |
| varies with the time of the year and it may be | | | | furniture. |
| entirely possible that you will establish not one rental | | | | This may be a good time to mention that there is a |
| rate but several. The highest rate for the high or | | | | lot to be said for being flexible about rental rates and |
| peak season, a lower rate for the "shoulder" seasons | | | | terms. Some owners fix a rate, and if they can't find |
| and the lowest for the off-season. In most areas of | | | | a renter who will pay it, the rental stays empty! Far |
| Canada the peak season would be considered the | | | | better to get something rather than nothing. |
| summer months (often preferred because families | | | | |