There are several things to consider when deciding how much rent to charge for your property. Here are some factors to consider:
1. The local market:
The rent you can charge depends on the market in your area. If rents are generally high in your city or neighborhood, you'll probably be able to ask for a higher rent. If rents are on the low side, you may need to adjust your price accordingly.
There are a variety of resources to help landlords better understand their rental market
2. Condition of the property:
If your property is in good condition and well maintained, you will likely be able to charge higher rent. If it needs repairs or updates, you may need to adjust your price accordingly.
3. The characteristics of the property:
Certain features of your property can make the rent more attractive to tenants, such as a pool, garage, stunning views, etc. If your property has special features that make it unique, you may be able to charge a higher rent.
4. The level of demand:
If you have a lot of demand for your property, you may be able to charge a higher rent. If demand is low, you may need to adjust your price accordingly.
5. Comply with rent control laws in Canada:
Rental laws vary greatly from province to province, so landlords should always be sure to check their local bylaws before raising the rent. Provincial maximum rent increases, notice period required, rent freezes, etc. are all dictated by each province.