Closed: Rents in Edmonton`s Montrose neighbourhood

[mortgageman]

Hi Everybody,
I have a couple of houses in Montrose with a joint venture partner. We`re not sure if our rents are at full market for the type of property and neighbourhood and I was hoping to get a bit of feed back.
Here`s what we`ve got. House number 1. It`s a 2 bedroom suite up , 1 bedroom suite down. Double garage. The tenant is renting the whole property for $1625 plus utilities.
House 2 is older and not in as tip top condition . Two bedroom up and single garage for $925. Two bedroom suite down for $750. Utiliites are shared between the tentants.
How does that compare to what you are charging?
Thanks in advance for the insight.
Jason Scott

 

[matt]

Your #`s look good for that neighbourhood. You have room on the main floor as there is very little out there for less than 1K. You may consider at a later date splitting the 1st home to increase $ flow. The area is transitioning well but has a ways to go yet.

 

[Anonymous]

When I was starting out, I had the same question... what we used to do is call three property management companies to provide feed back. We then went and looked at other rental properties in the same area to find out what their "Quality" was and the rent. If our quality was as good - we would increase our quality and then rent for 50 more then the highest. In Alberta, it`s all about what the market will bare... so clean up the bear and sell it for a bit more.

good luck

 

[PaulPoulsen]

We`ve got a two-bedroom condo in Montrose that`s about ten years old. It`s rented for $1,020/mth but that includes an extra $25/mth for pet rent.

The units are individually metered and the tenants pay all their own utilities including heat (natural gas), water and electricity. The tenants have been there for going on two years and both have white collar jobs.

Investors are sometime quick to turn their nose up at Montrose and other neighbourhoods in the area but if you find a property that shows very well and you`ve got great management in place, it`s great. It`s a mature neighbourhood close to the LRT and the Yellowhead.

If you take the time to check out EPS`s Neighbourhood Crime Map you`ll quickly discover that there are more crimes reported in Garneau, Strathcona or Ritchie in the past 60 days than there was in Montrose.

http://crimemapping.edmontonpolice.ca

 

[Anonymous]

QUOTE (PaulPoulsen @ Jan 28 2010, 11:56 PM) We`ve got a two-bedroom condo in Montrose that`s about ten years old. It`s rented for $1,020/mth but that includes an extra $25/mth for pet rent.

The units are individually metered and the tenants pay all their own utilities including heat (natural gas), water and electricity. The tenants have been there for going on two years and both have white collar jobs.

Investors are sometime quick to turn their nose up at Montrose and other neighbourhoods in the area but if you find a property that shows very well and you`ve got great management in place, it`s great. It`s a mature neighbourhood close to the LRT and the Yellowhead.

If you take the time to check out EPS`s Neighbourhood Crime Map you`ll quickly discover that there are more crimes reported in Garneau, Strathcona or Ritchie in the past 60 days than there was in Montrose.

http://crimemapping.edmontonpolice.ca

Thanks

 

[bb2]

I have a 2 bedroom mainfloor in Montrose that I rent for 1000.00 on the main and 700.00 for the basement. Both suites are nicely renovated.

Brenda