Written on February 26, 2017
How much will my home or suite rent for and what is the vacancy rate in Nanaimo? Listed below are typical rental rates in Nanaimo.
Many home owners are looking for guidance about what income they can expect from their rental property, be it a basement suite or a 2nd home. At Remax of Nanaimo we are fortunate to have a very experienced property manager, Guy Litton, who helps us out in this area.
It is impossible to accurately say what a specific property will rent for without seeing it, but here’s a very rough guideline:
- Single family homes are renting for anywhere from 1400-2700/month! depending on condition, neighbourhood and amenities such as a view.
- 3 bedroom main floor suites are renting from 1200-2100/month
- 2 bedroom lower suites are renting from 995-1200/month
- 2 bedroom plus a den condos are renting for up to 1800/month
- 2 bedroom without a den condos are renting for 1200-1500/month
- 1 bedroom condos are renting for 700-900/month
What is the current vacancy rate in Nanaimo?
The official vacancy rate is set by the CMHC (Canadian Mortgage and Housing Corporation). CMHC says that Nanaimo’s current (Feb.17) vacancy is 1.7% – very low! However, it is important to understand that CMHC counts only rental apartment buildings with more that 4 units. This does not take into account basement suites, or rental homes. While this might be a useful measure in a city like Vancouver, where there are a lot of large rental buildings, in Nanaimo it is less relevant. When you take into consideration all types of rental accommodation in Nanaimo, our functional vacancy rate in February 2017 is about 3% – approximately double the CMHC rate.
When you are buying an investment property it is crucial to have a realistic idea of your potential income. If you are interested in income properties or a home with a suite, give us a call. We are in touch with the latest options and have our own property manager to assess specific properties regarding rental income.
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