Rental rates for bungalow in Hamilton?

[hilaryshantz]

Hi Hamilton experts!

What would you consider to be realistic rental rate for

1) upper half of 3 bedroom bungalow on the mountain with brand new renovated kitchen and bathroom and shows well? CLOSE TO HENDERSON HOSPITAL

2) BASEMENT apt. 2 bedroom with new kitchen and new bathroom?


Also, how are things going with finding renters in Hamilton lately, I have been hearing it`s a bit slow lately.

Cheers!

Hilary

 

[NeilUttamsingh]

[quote name=`hilaryshantz` date=`May 26 2009, 07:41 PM` post=`58588`

Also, how are things going with finding renters in Hamilton lately, I have been hearing it`s a bit slow lately.




Hi Hilary,

It depends who you talk to.
Some people are filling their units very fast, while for others, it is taking a longer time to fill their units.

I personally am seeing a slight slowdown. However, talk to the next person and you might hear the opposite.

As long as you are doing all of the right things, by advertising on the key websites, you are setting yourself up for success.

Regards,
Neil.

 

[RandyDalton]

QUOTE (hilaryshantz @ May 26 2009, 07:41 PM) Hi Hamilton experts!

What would you consider to be realistic rental rate for

1) upper half of 3 bedroom bungalow on the mountain with brand new renovated kitchen and bathroom and shows well? CLOSE TO HENDERSON HOSPITAL

2) BASEMENT apt. 2 bedroom with new kitchen and new bathroom?


Also, how are things going with finding renters in Hamilton lately, I have been hearing it`s a bit slow lately.

Cheers!

Hilary

Hi Hilary,

Have you checked out the CMHC Website. They provide averages for rentals in each area of Hamilton based on number of bedrooms. I use these numbers and then add $50 since my tenant profile is slightly above the norm for my area. This gives me a good starting point for determing buy/no buy decision the property.

My two cents worth...Randy Dalton
R&B Properties

 

[Anonymous]

Hi Hillary,

I would need to know what part of town the duplex is in to be able to determine rent. What you get on the mountain is different off the mountain. Also, what condition are the units in?
We are very busy with tenants and filling places right now. It all comes down to marketing and providing pretty pictures on your upgrades property. We experience a bit of a slow down in January but have been getting 15 to 16 calls a day for single family homes. We continue to update our add and offer different cheaper incentives such as blinds, internet, pizza for a year etc.

A couple of points specific to Hamilton Tenants.
They give notice and then find a place as there is always another place to move to. So don`t be suprised if they can move in tomorrow, just do all your proper screening but if there good, do it fast.
They are happy to stay a long time if the place is in great shape and it is part of where they grew up. The Hamilton tenant tends to be nostalgic
They all read the paper The Hamilton Spec. That is why I will advettise in the local paper in Hamilton as well as in Brantford.
They are smart and if they have to pay the utilities, they look at the windows and doors to ensure they are weather tight.

I hope this helps. I usually get higher than average rents as most REIN members do. You may also want to check out the CMHC website as they now do quarterly rental evaluations for all Regions and Hamilton is also it`s own region.
Thanks Carol

 

[hilaryshantz]

Hi Randy, Neil,Carol, all most useful advice and info. Thanks so much for taking the time to comment!