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Newmarket Rents Are Rising Fast: “I’m Getting $1700 for my 2 Bedroom Upper Apartment & $1800 for my 3 Bedroom Lower Apartment. That’s $3500/month!”

November 25th, 2017 · No Comments · ADU, Latest News, Newmarket income property, Newmarket investment property, Newmarket Real Estate, Newmarket Rental Property, Rents

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A Newmarket Landlord Writes In: “I’m Getting $1700 for my 2 Bedroom Upper Apartment & $1800 for my 3 Bedroom Lower Apartment!” Now Is The Time To Buy The Right Property In the Right Area in Newmarket (Act Fast Or Lose Out)

The whole purpose of this blog is to help Newmarket landlords succeed.

We wrote earlier that Newmarket is the hidden gem for landlords in the Toronto and Greater Toronto area.  Many people think investing in Toronto condos is the answer but there is a huge glut there and rents don’t cash-flow (and don’t even cover costs in most cases!) 

Newmarket has a very good system to make sure your rental property is “legal” to protect you from tenant complaints and to offer tenants in duplexes extra garbage, two mailboxes, and increased safety (as the “legal” property is registered with the Fire Department).

Meanwhile in Newmarket there are a lot of very good tenants looking for places to rent. York Region has a very low vacancy rate and Newmarket has a lot of great tenants around. These renters include:

1. Local People Who Sold Their Houses, “Cashed Out” and Now Want to Rent

Lots of ‘baby-boomers’ in their 60’s want to enjoy life and have sold their home and want to rent. After they sold their homes they have lots of money to pay rent…and also to take lots of trips to Europe, Florida and to travel the world. These people have a lot of money and are great tenants (who often aren’t even home as they are traveling so much!)

2. Retirees With Big Pensions Who Want to Rent Now They Are Older

Some older people don’t want to worry about property taxes or cutting the lawn and want to rent.

3. People Who Commute to Work In Toronto

Living in Toronto can be stressful and the schools are dodgy. Many families want to live in Newmarket where there is clean air, nice parks and good schools.

4. People Who Work in Newmarket (especially Nurses, Teachers and Government Employees)

Newmarket is a key area for the government. There are lots of people with good jobs as teachers, nurses, and government employees. They have high salaries and good credit scores.

Newmarket Landlord Writes In: “I’m Getting $1700 for my 2 Bedroom Upper Apartment & $1800 for my 3 Bedroom Lower Apartment!” 

We had a Newmarket landlord write in with the following in November:

“I bought a Newmarket duplex near the hospital in 2014 because of the advice from this blog and rented it out.  It was pretty easy to find good tenants as long as you always run a credit check and an employment check.  Rents were paid on time and when the tenants moved out there was nothing major to worry about. You are right…there are lots of good tenants in Newmarket.

When I began advertising this summer I looked around and saw properties that were no where near as good as mine were charging pretty high rents. My property is a legal duplex near the hospital and the 404 highway so I decided to charge higher myself.

I upgraded the kitchen and bathroom and bought new stainless steel appliances for both the upper and lower units. I put in some pot lights and my Newmarket rental looked better than all the competition out there!

Most of places on the market were run down with no real quality upgrades.And the rentals on the market that were upgraded where all in the “DOGPATCH” where no good tenants want to live.

I ended up renting my upper unit for $1700/month to a young teacher and nurse (they pay their share of the utilities) and my lower 3 bedroom unit for $1800/month (they pay their share of utilities) to some newcomers to Canada who needed a 3 bedroom with good jobs in the York Region area. The tenants paid with post-dated cheques and first and last.

Both upper and lower tenants are terrific people who are renting for a few years until they save enough to buy their own home. They have good credit and jobs and they “worry about me more than I have to worry about them” (as there some bad landlords out there, especially in the “PATCH” area near Yonge St. which has such a bad reputation).

So my legal duplex is bringing in $3500/month for me with no headaches at all and the post dated checks get cashed each month.

LIFE IS GOOD! CHEERS AND LOVE THIS SITE THAT TOLD ME TO INVEST IN NEWMARKET RENTAL YEARS AGO!”

How Can You Get These Types of High Guaranteed Rents in Newmarket?

Let’s look into this in further detail to help you buy the right type of property to get high rents (and property appreciation over the next 2-3 years as well)

1. You Need To Be In The Right Area Near the Hospital and the 404 Highway (so people can get to Toronto fast)

 

The Area Near the Southlake Regional Health Centre Attracts Good Tenants, Including Nurses and Hospital Staff, And Is Appreciating Fast

newmarket landlords 404 highway

Newmarket is a safe and lovely place to live.

If you want to get high rents invest in the area near Mulock and Leslie or invest near the hospital and anywhere near the 404 highway!

2. You Need to Be Legal

The "N" plate show the rental property is registered and legal. No "N" Plate means you are paying rent for an unregistered and potentially unsafe apartment!

The “N” plate show the rental property is registered and legal. No “N” Plate means you are paying rent for an unregistered and potentially unsafe apartment!

Good tenants will only rent “legal” rental properties in Newmarket nowadays.  Good tenants won’t pay high rents for an “illegal” unit and can even get you shut down with one phone call to the fire department.

3. You Need New Appliances and Great Decoration

newmarket landlords rental property

This means  pot lights, new flooring and a great kitchen! (with stainless steel appliances).

Remember, “premium tenants” have a lot of choices and they would rather have a beautiful and newly upgraded small unit than a crappy, non-updated larger unit.

4. Duplexes Rule…and Huge Basements Are Easy To Rent Out To Families For High Rents (avoid 1 bedroom basement!)

If you own a legal duplex in the right area you are on your way to financial success as a Newmarket landlord. Most tenants don’t want to rent a single family home because it’s just too big for them, or they don’t want to pay so much for monthly utilities. As landlord you can make 2x the rent with one rental property (just make sure you are legal!)

The bigger the basement the better as lots of new immigrant families have kids and will rent out nice safe basement units for high rents (and they are great tenants). One bedroom units attract single people who usually don’t have good jobs. Big 3 unit basements units can attracts long term family tenants who often rent for 3-5 years while they save money for their own house.

5. Do Not Buy In The “Patch” also called the “Dogpatch”

newmarket dogpatch patch murder

There is only one bad area called the “Dogpatch” where there are drug dealers and even recent murders of tenants. It’s the small area near Yonge Street and Davis Drive, east to Longford.

Avoid the Patch area of Newmarket at all costs!

Good tenants with good jobs, high credit scores will not rent there! It’s a small area and make sure you avoid it!

6. Make Sure You Have Private Laundry (With Washer and Dryer)

newmarket landlords samsung washer and dryer

Tenants who pay high rents want private laundry facilities. They don’t want to “share” laundry with the other tenants who they don’t know. 

Secret Tip! Successful Newmarket landlords know offering private laundry is one of the key ways to attract the “premium tenants out there!

Newmarket Rents Are Rising Fast

Key to success

Act now and make profits as soon everyone will be investing in Newmarket rentals

Do you want to be a success landlord and property investor?

If so look at buying the “right property” in the “right area” with the “right decoration” that is “legal” in Newmarket, Ontario. You will get great tenants that pay on time. 

It’s a great investment cash-cow and one of the best places in Ontario to be a residential landlord. But you need to act now because people are buying up all the best rentals that can attract the best tenants out there.

By 2018 most of the best rental in the best areas will be bought up and those landlords will be enjoying profits for years to come.

Future Newmarket Landlords Can Succeed and Make Profits

So there you have it: the ways you can become a successful Newmarket landlord and make huge monthly rents from great tenants who won’t give you any problems.

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