Are you pricing your rental property to match the current market? In addition to finding good tenants setting the right rental rate is just as important.
In this current market place many people are hesitant to invest in real estate. Commercial real estate is different and owning a rental property is a good way to still invest.
One of the advantages of rental real estate is the fact that you own a tangible asset. Having your property vacant, especially for long periods of time is a huge disadvantage. No investor wants to be scrambling to pay their bank every month.
If you are just starting out, do your research, or ask your realtor what comparable rentals are going for. If you are in between renters, maybe this is a time your could be raising the rent on your rental property. Being informed of the average rental rates in your area will allow you to set your rates appropriately and ensure that your property will be rented continuously.
Here are the 2010/2011 average rental rates in the Drumheller and surrounding market areas.
Drumheller Bachelor $444 Range $400 to 475
Drumheller 1 Bedroom $597 Range $350-800
Drumheller 2 Bedroom $652 Range 400 - 795
Drumheller 3 Bedroom $617 Range $550-700
Hanna Bachelor no data
Hanna 1 Bedroom $413 Range $305-500
Hanna 2 Bedroom $620 Range $425-750
Hanna 3 Bedroom $632 Range $500-650
Stettler Bachelor $512 Range $435 - 550
Stettler 1 Bedroom $599 Range $495-675
Stettler 2 Bedroom $659 Range $525-1050
Stettler 3 Bedroom $849 Range $750-1000
Remember, the ability to provide income, no matter what the economy is throwing at you, is the true benefit to a sound real estate investment.