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How To Double Your Rent
As a Canadian real estate investor and landlord, are you are getting fair market value rent for your units? You generally are subject to a certain amount of rental increase in most provinces, which is set out by provincial governing bodies.
Feeling handcuffed?
You are effectively handcuffed to the amount of rent that you can collect. You can only increase your rent to a new amount once a tenant has moved out and another one has moved in.
How to get the most rent
A way to make this happen is to furnish your apartments. If you furnish your apartments, you are able to charge much more rent, double or even triple the amount of rent, depending of course on the quality of the unit, and certainly the quality of the furniture.
Different caliber of tenant
You can create a different caliber of tenant as a result of having a furnished apartment. This can be a tenant that is an out of town tenant that comes in and works in the area, as perhaps a consultant, or has been transferred from another country for a few months or years.
These people respond to furnished apartments, and if you can fulfill that need for these people, you can be making much more money as a result.
Advertising for the furnished apartments is key. You will find you are going to get much better tenants if the furnished apartments actually cost a more. Why? Because you are getting a select amount of people that are responding to it.
Of course make sure the unit actually has nice furniture, and it’s a nice, well maintained unit.
Check out Canadian Wealth Builders website for our Successful Landlording Apprenticeship as well as other trainings or drop us an email at vp@canadianwealthbuilders.com
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An article by Gord Lemon
Gord Lemon has been investing in Canadian real estate for over 25 years. He has been a real estate investment trainer since 2002 and is co-founder of Canadian Wealth Builders. To read more articles by Gord Lemon |
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