How to Set the Right Rent Price Without Leaving Money on the Table

🏠 How to Set the Right Rent Price Without Leaving Money on the Table

Pricing a rental property sounds simple until it isn’t. Set the rent too high and the unit can sit empty. Set it too low and you may lock in months or years of missed income. In Saskatchewan, where rental demand can shift by neighborhood and season, getting the number right matters more than many landlords expect.

This guide walks through how to price your rental in a way that attracts solid tenants while still protecting your long term return.

📊 Start With What the Market Is Actually Doing

Rent prices should always start with the local market, not with your mortgage payment or what a friend is charging across the city.

Look at active rentals that are similar to yours in:

• Neighborhood

• Number of bedrooms and bathrooms

• Type of property (condo, townhouse, detached home)

• Included parking or storage

In Saskatoon, rent can vary widely between areas that look close on a map. A two bedroom unit near the university will often price differently than one with similar finishes in a suburban neighborhood.

The goal is to understand what tenants are choosing right now, not what landlords hope they will pay.

🧱 Adjust for Features That Tenants Notice First

Once you know the market range, adjust based on what your property offers.

Renters often pay more for:

• In suite laundry

• Parking included

• Utilities bundled into rent

• A private entrance or outdoor space

At the same time, older finishes, shared laundry, or street parking can limit what the market will support. Pricing should reflect how your unit compares, not just what you invested into it.

📌 Pro Tip
If your unit sits at the top of the price range, your photos and listing description must clearly justify it. High pricing with average presentation almost always leads to longer vacancy.

⏱️ Balance Monthly Rent Against Vacancy Time

A higher rent only helps if the unit is occupied.

In Saskatchewan, one extra month of vacancy can erase the benefit of pricing slightly higher for the rest of the year. Many landlords focus only on the monthly number and forget to calculate annual income.

Sometimes a rent that is $50 to $75 lower can result in:

• Faster tenant placement

• Less turnover

• More consistent cash flow

Stability often produces better results than pushing the ceiling.

📆 Factor in Timing and Seasonal Demand

Rental demand in Saskatoon is not evenly spread throughout the year.

Spring and summer tend to see more activity, especially with students, relocations, and job changes. Winter listings may require more competitive pricing or added value to attract attention.

If possible, align lease renewals and new listings with higher demand periods. This gives you more pricing power and more choice in tenants.

🔄 Watch Early Feedback and Be Ready to Adjust

The first two weeks of a listing tell you a lot.

If you are seeing:

• Strong inquiry volume

• Multiple showings

• Quick applications

Your pricing is likely in a good range.

If inquiries are slow or non existent, the market is telling you something. Small adjustments early on are far more effective than waiting months and making a large correction.

📌 Pro Tip
Instead of cutting rent right away, consider adding value first. Including internet, utilities, or flexible move in dates can attract tenants without lowering your base rent.

🧮 Price for the Long Term, Not Just the First Tenant

The rent you set today often becomes the foundation for future increases.

Starting too low can make future adjustments harder, especially with tenant turnover costs and rent control considerations. Starting too high can lead to poor tenant fit or frequent vacancies.

The best pricing strategy supports:

• Reliable tenants

• Predictable income

• Gradual, sustainable rent growth

This approach protects both your property and your time.

🎉 Final Thoughts

Pricing a rental property is about finding the point where demand, value, and timing meet. When rent reflects the local market and the real strengths of the property, landlords often see fewer vacancies and more stable tenants.

If you are unsure how your rental compares, how seasonal demand may affect pricing, or whether your current rent is helping or hurting your return, I’d be happy to help.

📞 Call or text me at (639) 295-4696
📧 tanner@twrealestate.ca
🌐 twrealestate.ca

Whether you own one rental or are building a portfolio, having a clear pricing strategy can make a meaningful difference in long term results.