Neighborhood rental comparison
Hi there
Looking for some insights on rental rates:
For two similar properties (same age, look and size) how would rental rates in the Fairview area compare with the Osborne st area. School proximity is also similar.
Personally, I would expect the one in Fairview to have a higher rate due to its proximity to Joseph Howie business area (Shoppers, Superstore, bus lines). However. the single reference I have for both neighborhoods points to a higher rate near Osborne St.
what are your thoughts?
I would substantial research into both those regions to determine a fair estimate for rent. A single reference point is likely not enough to get a good estimate. I would look through several houses for rent in both neighborhoods to get a good estimate on what the actual market rate currently is. Keep in mind, its important to make sure you are comparing similar houses (same number of bedrooms, similar square footage and amenities). Go with whatever your research points towards. Websites such as Zillow or apartments.com are good sources to find current rental rates.
One piece of advice is to not just look at price but also keep an eye out for how long a specific rental has been on the market for. If a listed property is listed for X dollars per month but has been on the market for several months, this is likely too high a asking price. Focus on the rentals with 2 weeks or less on the market to get a better fair market value estimate.
I hope this advice is helpful and good luck!