How to price your rental property

Setting the right rent matters. Price too high and your unit sits vacant. Price too low and you leave money on the table or signal something is wrong with the property. Here's how to find the right number.

Start With the Local Market

The most reliable starting point is what comparable units in your area are currently renting for. Look at active listings on platforms like liv.rent for units that are similar to yours in terms of:

• Neighbourhood
• Unit size and number of bedrooms
• Condition and finishes
• What's included (parking, storage, utilities, laundry)

This gives you a realistic range for your market rather than a number based on what you'd like to earn.

Factor in Your Costs

Your rent needs to cover your carrying costs and, ideally, generate a return. Consider:

• Mortgage payments if applicable
• Property taxes
• Insurance
• Strata or condo fees if applicable
• Average maintenance and repair costs
• Any utilities you're including in the rent
• Vacancy periods between tenancies

Understand Rent Control Rules in Your Province

In provinces with rent control, your ability to increase rent once a tenant is in place is limited. In Ontario, the 2026 rent increase guideline is 2.1%. In British Columbia, it is 2.3% for 2026. In Quebec, the Tribunal administratif du logement publishes an annual base increase guideline of 3.1% for 2026. Alberta has no rent increase cap. Manitoba also has rent control provisions. Setting your initial rent at the right level matters because your ability to adjust it later may be restricted.

Adjust for Unit-Specific Factors

Once you have a market range, adjust within it based on your unit's specific qualities:

• Updated kitchen or bathroom: price toward the higher end
• Ground floor unit or no elevator in a walk-up: price toward the lower end
• Included parking in a city where parking is scarce: add a premium
• Older appliances or dated finishes: price more competitively

Test and Adjust

If you've been listed for more than two to three weeks without serious inquiries, your price is likely too high for current market conditions. A small reduction or an added incentive (such as one month free on a 12-month lease) can re-engage the market quickly.