First, to understand how to apply rental rates to houses of different sizes, you must know the general descriptions of these properties.
According to Realtor.com, a single-family home is described as “a structure maintained and used as a single dwelling unit.” A single dwelling means that it is built for one person or family.
The benefits included in renting out a single-family home are:
A duplex is considered one of two dwellings and can be built in one of two ways.
A triplex is a building that connects three separate residential units into one structure. It’s essentially like a duplex, but there are three residences instead of two. A triplex can share one or two common walls and is typically built to serve three different units.
While there is a lot more work required with renting a duplex or triplex property, there are many other aspects to consider as well:
When considering the rental rate, look at the following factors to best determine what makes the most sense for your financial situation:
To gain a better understanding of what prices are ideal, look at other competitors. Research and see what the average rate is for the type of property you want to rent out. Consider the appearance and condition of the property, the neighbourhood it’s located in, and the type of tenants you want to attract.
Renting out your single residential home, duplex, or triplex can prove to be a difficult experience. If you’re looking for assistance in tenant selection, maintenance, marketing, or require further information about the rental process, get the most out of our reliable real estate management in Winnipeg. We know the ins and outs of the commercial and residential property game. Contact us for assistance today!