Entering The Rental Market with Confidence
By: Ben Knopp – Ben Knopp Real Estate
After a challenging Market Forecast, new regulations, and an extra-long, extra-chilly weather, Spring 2018 has been off to a rocky start for buyers and sellers alike. Fear not! There are plenty of ways to make the most out of the road ahead. One approach? Getting into the rental market.
Myke Thomas, Real Estate Analyst for the Sun states, “of the nearly 60,000-unit rental universe, 36 percent of the supply is coming from investor-owned apartment units. Slowly improving employment conditions and new migration are expected to support some demand growth for rental product, with CREB expecting the vacancy rate to move down close to six percent in 2018.”
Whether you’re a current owner or looking to invest in your first rental property, having a real estate agent on your team is always a sure bet. Here’s why:
Rent Out Your Existing Property
With spring sales off to a slow start, and demand for rentals on the rise, consider turning your unit into a rental. Here are some advantages that come with owning a rental property:
- You may pay less tax.
- You may be able to deduct losses for tax purposes.
- You get regular monthly income.
Invest in a New Rental Property
If you’ve considered investing in a new rental property, now is the time. With a high supply of condos on the market, there are deals available at every price point. Having a real estate agent can help you:
- Search the right neighbourhoods
- Navigate regulations surrounding rental properties
- Negotiate a better deal.
If investing in the rental market is something you are interested in, give me a call! I would love to answer any questions you may have.
Considering purchasing a home or turning your home into a rental property? Ben Knopp is committed to helping you through the next steps. Join him and his team to find the perfect home, feel confident about entering the real estate market, and be assured that you have only the best team working for you. Contact Ben at Ben Knopp Real Estate and begin your journey today!