How to Price Your Rental Property to Maximize Income

by Jack Bouvier

💸 How to Price Your Rental Property to Maximize Income

The Ultimate Guide for Saskatoon Landlords

Setting the right rent for your property isn’t just about picking a number—it’s a strategic decision that impacts your bottom line, tenant quality, and vacancy rate. Price too high, and your property could sit empty. Price too low, and you're missing out on profits every single month.

Whether you're a first-time landlord or an experienced investor, this blog will walk you through how to price your rental property with confidence and get it filled fast—with the right tenant.

📌 Why Your Rental Pricing Strategy Matters

🛑 The Risk of Pricing Too High or Too Low

Too High = Fewer inquiries, longer vacancies, desperate price cuts
Too Low = Lower-income tenants, potential issues, and leaving money on the table

📍 Example: A landlord in Saskatoon dropped their rental rate by $100/month and rented the unit three weeks faster. The result? More net income over time and a better-quality tenant.

✅ Why Market-Driven Pricing Wins

A well-priced rental:

Attracts more attention and showings
Gets rented out faster
Attracts high-quality tenants who pay on time and stay longer
Reduces costly tenant turnover and vacancy

🔍 How to Determine the Right Rental Price

1. Analyze Comparable Rentals ("Rental Comps")

Start by looking at similar properties:

Same neighborhood or nearby area
Similar square footage, layout, and finishes
Check active listings AND recently rented properties for a realistic picture

🛠 Tools to Use:

Rentals.ca
Facebook Marketplace
Zumper
Kijiji
Local property management platforms

2. Understand Market Timing & Trends

Spring & Summer = Peak demand, higher prices
Fall & Winter = Slower demand, may require more flexibility

Pro Tip: Time your lease end dates to line up with high-demand seasons.

3. Adjust for Unique Features & Perks

Renters pay more for:

Renovated kitchens & bathrooms
In-suite laundry
Parking or garages
Utilities or WiFi included
Pet-friendly units

🎯 Rule of Thumb: 5-10% higher rent for premium features is totally reasonable—if your unit stands out, price it that way.

💼 Strategies to Maximize Rental Income

1. Offer Tiered or Flexible Pricing

Use pricing psychology to your advantage:

Base rent for 12-month lease
Small discount for 24-month lease (reduces turnover)
Premium for shorter-term leases (higher per-month rate)

2. Plan Lease Timing Strategically

Set lease expirations to align with high-traffic times—you’ll get more interest and better pricing.

3. Raise Rent Strategically (And Sustainably)

Avoid shocking your tenants. Instead:

Increase by 2–5% annually
Give 60+ days' notice
Justify increases by showing added value (e.g., new paint, upgrades, service)

Keeping rent increases predictable = longer-term, satisfied tenants.

4. Bundle Services to Increase Perceived Value

Add value to justify premium pricing:

Include utilities, internet, or cleaning services
Offer pet accommodations or private storage for a fee
Feature snow removal or lawn care in your ad

📍 Real Example: A Saskatoon landlord added WiFi and snow removal to the rent package and increased rent by $75/month—and filled the unit faster.

🧪 How to Test & Adjust Pricing

1. Watch Inquiry Volume

No responses? You’re likely priced too high.
Too many low-quality leads? Could be too low.

🔄 Adjust in $25–$50 increments until you hit that sweet spot.

2. Use Incentives Instead of Discounting

Want to boost appeal without cutting rent?

Try:

1 month free on a 12-month lease
Free parking for the first year
Gift cards or moving bonuses

🎯 These short-term incentives don’t hurt your long-term income, but make your unit much more attractive.

📞 Final Thoughts: The Perfect Rent = Happy Tenants + Maximized Income

Pricing your rental right isn't just about getting it filled—it's about setting yourself up for consistent cash flow, minimal stress, and strong tenant relationships.

A little strategy now means a lot more ROI later.