Your Secondary Suite is Ready
Testing the Market
Now that your Calgary secondary suite is ready to rent, how do you figure out the rent? Test the rental market.
- Check Your Competition - Do some searching to see what kind of rents people are charging in your area.
- Run a Dummy Ad - Not sure how much to charge? Run a dummy ad at a rental rate you want. If you get loads of inquiries, you can probably ask more. Not getting any inquiries, you're asking too much. Just respond telling people it's rented and/or don't respond at all.
Finding a Tenant
You can be selective and finding the right tenant might be the difference between success and disaster. Here are a few tips:
- Lower Rental Rate than Competition - You want to have a good tenant and the more people you can interview, the better chance you have at finding a good tenant. Don't be greedy, a lower rental rate may also mean you get a tenant as opposed to sitting vacant.
- Be Picky - Think about the tenant and what kind of lifestyle they live. You may not want a party animal living in your suite.
- Pets - Yes, they can cause damage but tenants are typically also willing to pay more to have their pets live with them.
Do it Right
Having a suite in your basement or even part of your garage is a great way to get extra income to help with your mortgage payments. You do need to be very careful to ensure you do things right and follow the city of Calgary's guidlines. They are there to protect you as a home owner as well as the tenant.