How to Price Your Rental

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Adrian Trott

Adrian Trott is the co-founder of The Kormendy Trott Team and Renti, a residential property management company. With a reputation for innovative strategies and exceptional client service, Adrian has helped transform the real estate and property management experience for homeowners, tenants, and investors. Outside of work, Adrian is a tech enthusiast, fitness advocate, and family man dedicated to finding creative solutions for every challenge in the real estate world.

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How to Price Your Rental

How to Find the Perfect Tenant for Your Rental Property in Milton

Are you a landlord or thinking about becoming one? Owning a rental property in can be an incredible way to earn passive income—but it’s only as good as the tenant you find. The right tenant keeps your property in great shape, pays rent on time, and sticks around, saving you time, money, and stress. Here are tips to finding the perfect tenant from a top real estate agent.

Setting the Right Rent Price: Key to Attracting Quality Tenants

As a real estate in Milton and the owner of a property management company, I can confidently say that setting the rent price correctly is essential. The size, number of bedrooms, type of property, and neighbourhood all affect the rental price. Set it too high, and your property may sit empty; go too low, and you’re leaving money on the table. A local real estate agent can help you price it strategically, but here’s a pro tip to finding a tenant quickly: consider listing the rent slightly below market value.

Why Setting Rent Below Market Value Works for Landlords

Lowering your rental price slightly can save you money in the long run. Here’s why:

A slightly lower price will draw more interest from renters. More interest means more tenants to choose from, allowing you to pick the best fit. Plus, filling your rental property quickly means you avoid costly vacancy periods. And, many times, the increased interest results in bidding wars, driving up the price to market value and above.

For example, if similar Milton rentals go for around $3,000 a month, try listing yours at $2,950 or $2,925. If it would otherwise sit empty for 30 days while you wait for a $3,000 offer, you’ll end up losing that month’s rent. In the end, getting a great tenant in quickly—someone who respects your property and pays on time—can be worth more than the extra few dollars.

What Real Estate Agents in Milton Know About Tenant Quality

Real estate agents know that quality tenants are worth more than a slightly higher rent. It’s better to have a tenant who treats your property with care and pays reliably than someone who pays a bit more rent but could be unreliable. Good tenants who feel they’re getting a fair deal are likelier to stay longer and keep the property in excellent condition.

Do Your Homework: Research Comparable Rental Prices in Milton

Before setting the price, it’s wise to research similar rental properties or speak with a local realtor who knows the market. This research ensures your price is competitive, helping you attract the right tenant faster. There are several rental listing sites where you can check comparable properties, and a quick consultation with a local REALTOR® can also provide valuable insights.

Use More Than One Comparable Lease

We often run into landlords and home owners who see one recent sale or lease and use it as the exclusive comparable to determine the value of their property … it doesn’t work that way. While it does provide insight into market conditions, there are many unknown variables and moving pieces to rely on it blindly. It’s not uncommon that a landlord takes a risk with a questionable tenant, but at a higher rate –would you be willing to take that same risk? Conversely, a poorly photographed an dirty home may rent for less than yours should because of its condition. In both scenarios, there are additional considerations that need to be accounted for when pricing your property.

Consider Professional Help from a Local Realtor

Getting the help of a real estate agent or realtor can make the whole process of finding tenants easier and more efficient. If you’re looking to rent a property in Milton or considering getting into the rental investment market, KT Realty has experienced realtors who can help you set the right rent and find quality tenants fast. Contact KT Realty at 1 (800) 617-0090 for assistance or with any questions.

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How to Price Your Rental

Owning rental property in Milton can be a fantastic source of passive income—if you find the right tenant! This guide from KT Realty’s Milton real estate agents covers smart pricing strategies, tips for attracting reliable renters, and why setting your rent just below market value can make all the difference.

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Open House Terms & Privacy Agreement

for KT Open Houses

  1.  

1. Visitor Etiquette: All visitors are required to maintain a respectful and safe environment in our client’s property by adhering to the following etiquette guidelines unless otherwise directed by a representative of The KT Team:

  • Footwear: Please remove footwear upon entry to help preserve the property’s cleanliness.
  • Washroom Facilities: Visitors are kindly asked to refrain from using washroom facilities.
  • Personal Belongings and Furniture: For privacy and safety, please avoid touching personal belongings or opening furniture not part of the sale. Examples include dressers, media consoles, and most free-standing furniture.
  • Food and Beverages: Outside food and beverages are prohibited while touring the property.
  • Furniture: To respect our client’s space, please avoid sitting or lying on any furniture.
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  • Children: Parents and guardians are responsible for ensuring children follow these guidelines.

2. Visitor Tracking and Safety: To ensure the safety of our clients’ property and personal belongings and the security of our real estate agents, all visitors are required to provide accurate and complete contact information. This information is used to track attendees and ensure accountability.

3. Digital Communications and Follow-Up: By providing your contact information, you consent to receive digital communications from our real estate team, including information about this property, future open houses, and other relevant real estate opportunities. These communications may include marketing or promotional messages, and we aim to keep them relevant to your interests.

4. Opting Out: You may opt out of receiving digital communications at any time by contacting us directly at the contact points below or following the unsubscribe link provided in messages. Opting out will remove you from future marketing communications, although we may retain your contact information for internal records related to visitor tracking.

KT Realty
229 – 336 Bronte Street South
Milton ON L9T 7W6
[email protected]
1 (800) 617-0090

4. Prospecting and Sales Activity: Our real estate team may use your information for prospecting and follow-up purposes. We ensure these communications are conducted respectfully and aim to provide opportunities aligned with your interests.

5. Privacy and Data Protection: We respect your privacy and are committed to protecting your personal information. Your details will not be shared with third parties, except as required by law or for purposes directly related to the safety of open house events.

6. Acknowledgment: By submitting this form, you acknowledge that you have read, understood, and agreed to these terms and conditions. You agree to adhere to any additional requests or instructions the real estate agents provide to maintain a safe and secure environment during your visit.