Hard to rent house on busy street?

[ROI]

I am going to buy a house on 75 st in Edmonton, which is a quite busy street with lots of traffic. After putting a few ads on kijij for couple of days, I received very few responses. While at the same time I got lots of response from my townhouse on north east, even though the price is the same.



I wonder if the busy street turns people off? It is a nice neighbourhood. I want to get an idea from other about renting on a busy street.

 

[Sherilynn]

Yes, I think the busy street turns some people off so you will have a smaller market. You will be able to rent it if the property is nice, but you will likely find that you have a quicker turnover. You may find that tenants stay only a year and then want to move on.

 

[nubiwan]

When you cant rent - why not try Lease or Rent to own. Might not be part of your long term strategy, but neither is having a vacant home every 6 months, I am guessing.



Benefits of RTO?



Get a sizable deposit on the option to buy. Name your 'appreciated' selling price at 36 months, and avoid 5% in realtor fees when you do sell. Get a premium monthly rental and decent cashflow. Get a tenant that will take care of the property they will be buying in 3 years.



From my experience, you get happy reliable tenants, and when done right, both parties win.



There are some not so obvious things to consider, but for a property that is tough to rent, LTO might get you more people responding to those KIJIJI ads. Has worked for me.

 

[nubiwan]

Have you committed to buying it. If you are advertising to rent, then I assume you have. No harm testing the waters with a rent to own ad, just to compare your response level. You can still rent or rent to own once you have weighed up the response and options. Yes?