Basement Suite Pricing

[Cap'n]

We finally have the renos done downstairs and are ready to rent it out. Since this is our first time being a landlord we are unsure how much to ask for rent. What would you charge?

2 bedroom bsmnt suite
separate entrance
lots of light
good layout
new wood floor, fresh paint
no washer, dryer, or dishwasher
street parking
no smoking, no pets
located in Tuxedo

[SJSobczyk]

We rented a one bedroom basement suite in Tuxedo (3 Years ago) for $300/month. This included all utilities/cable/internet and contents of their fridge when they were out of town (Great landlords). We lucked out as people were paying $400+ at that time.

Since you are located in a prime area for students you should easily get $900+ for it, then again if you wish to give students a break $800 would be a hell of a deal.

Just my opinion

Steve

[G1GY]

Probably in the $700-$900 range.

Depends on if utilities and cable are included.

Keep in mind that it's worth a little less in your pocket now to get the right people in there. If you price it on the high side, you'll have a high tenant turnover rate and end up with a dirtbag at some point.

A good tenant is worth spending a little bit on to keep him/her there.

Getting refferances and following up on them would be worth the time involved. It's easy to let someone just move in, but if things turn to $hat it can be very difficult to get a renter out. (Up to 3 or 4 months in unpaid rent in some cases. :eek:)

Being a landlord isn't much fun at times, but in todays market can turn a good profit. :)

Good luck. :)

[Cap'n]

All utilities included except cable and phone.

Definitely ready to accept lower pricing for the right people. We had arranged to have my wife's youngest sister and fiance move in, but he got cold feet and we are still dealing with the drama. Really disappointing, we were looking forward to the free babysitting, and we lost money on the deal.

Looks like we were in the right range, maybe a bit on the low side.

Know any good tenants?

Thanks,
Tim

[SJSobczyk]

People are dying for a place to live in this city. Pick some good advertising (Herald) and you will have people there within the hour.

Good Luck

Steve

[Canadbis]

I have to agree with the refence part. Make sure to call thier work also, they may seem fine on the outside, but if they cant hold a job for very long then they aren't worth the hassle. Once you get a dirtbag in your hooped.
Take the time to find the right person

[OCDP]

haha, friggin' people are going to live in camp grounds for the summer because it's so damn hard and expensive to find a place here now. I can't imagine it will take long at all before someone swoops this deal up. Too bad I'm not looking for a place quite yet!

[Puff]

im just glad my parents spend most of the year out of town. so i get to "house sit" a lot. and dont have to get a seperate place, because its basically my house that they visit once in a while.lol. but it wont be for much longer.

when i stayed in residence at college in calgary (1 bedroom apartment, ftw!) i realized how good i was at keeping my place tidy and smelling fresh...you walk by other ppls places and they're filthy, smelly, and generally disgusting.

made me feel better, as i always thought i was a bit of a slob, but in reality i guess im not that bad.hahaha.