ORILLIA - What Rent Can I Collect..? Best Way to Advertise?

[Nir]

Hi Everyone,

I expect to have 2 vacant apartments in a 2,000 sq/ft duplex in Orillia shortly. A 2-bedroom and a 3-bedroom apartments.

What rent can I collect from new tenants? location is downtown close to Front and Elgin streets. $900+Hydro, $1000+Hydro or 1,100+Hydro? (separate meters).

I checked www.accesstohousing.com to get an estimate but would appreciate feedback from anyone who knows the area better..

Also, should I advertise the apartments alone, with a real estate agent, newspaper, etc..? what is the best method? (I do not have a property manager yet).

THANKS,
Neil

 

[thejules]

In that area of town 2 bedrooms rent for $800 to #850 per month, and 3 bedrooms rent for $900 to $950. The higher rents are usually an all inclusive rent. Those areas can be tough. Watch who you put in there & then watch your property closely.

 

[Nir]

Thank You Jules,

Assuming the property is OLD but in a REALLY good shape relative to others in the area - laminate Flooring, Sliding Glass door to patio/balcony etc., Can I probably get the amounts you mentioned above PLUS Hydro meaning $850+hydro for the 2 bedroom and $950+Hydro for the 3 bedroom apartments?

Is it a reasonable expectation? THANKS!

 

[jackie]

QUOTE (investmart @ Jun 22 2008, 08:30 PM) Thank You Jules,

Assuming the property is OLD but in a REALLY good shape relative to others in the area - laminate Flooring, Sliding Glass door to patio/balcony etc., Can I probably get the amounts you mentioned above PLUS Hydro meaning $850+hydro for the 2 bedroom and $950+Hydro for the 3 bedroom apartments?

Is it a reasonable expectation? THANKS!

I always go with higher rents than the average for a given area because a vacancy is the only time we control the amount of rent. If we don`t raise them to a realistic amount on vacancy, when can we? Of course, this might mean a longer time to place a tenant. If you overshoot the amount, you might have to advertise again at a lower amount. In either case, can you afford to wait for a tenant?

Whatever you set the rent at, market the benefits of the apartments to justify why the tenant should pay more to call your place home. Also, make sure the apartments are CLEAN. I find that is very important for perceived value.

I`ve had excellent results advertising on kijiji/barrie.

 

[mthorn]

Exactly right Jules - plus the papers are very expensive and don`t get as high quality prospects as the web. My three favorite are renboard.ca, renters hotline, gotta rent. Don’t forget pic`s.

 

[Nir]

Thank You Michelle and Jackie for the GREAT advice!

 

[MoneyMan]

Good free places to advertise properties for rent or for sale
http://www.BuySellRentAds.com
http://www.kijiji.ca
http://www.craigslist.org

 

[donksky]

For print/papers the ad prices can be pricey - but if you want to try them, some papers will offer a rebate if you rent place out b4 whole time is out. Ex. London Free press you buy a week`s worth which is a couple of hundred but if weekend doesn`t work out-you book it on Friday & find no response Monday you can call & say you want to pull ad & they`ll rebate you - pro-rate charges to only 3 days instead of full term. This way you can test papers w/out spending full price or an arm & leg for worthless advertising. This is on assumption u rented the unit out so you`re pulling ad.