When you set the price of a rental property, you should consider the intersection of supply and demand in economics. When the price is set high, fewer renters will apply or even view the property. Of course, when the price is set low, you will earn fewer profits.
Your goal is likely to maximize the rental rate while keeping it low enough to avoid isolating excellent tenants.
What are landlords in Toronto charging for rent?
The price of a rental property in Toronto can depend on the size, location, number of bedrooms, available parking, quality of the building, and several other factors. The strongest correlation to price is the size which hovers around $3.25 per square foot.
Furthermore, timing, supply in the market, and other environmental factors can have a powerful impact on the price of your rental. It is essential, therefore, to monitor and analyze the rental market.
Luckily, our team is always monitoring and analyzing the rental market throughout Toronto. We list and market rental property every month and sign hundreds of leases every year.
If you would like to discuss what your property could earn, fill out the following form and we’ll get back to you with detailed information.