High Rental Demand in The Beaches – Episode #78
We are in the Upper Beaches in Toronto and this is a continuation from Episode #61 – Upper Beach Duplex Renovation. The owner has completed his $100,000 renovation in creating this high end executive style duplex. This episode will show the finished product and Episode #61 will show you the before picture. This renovation project is truly a “role model example” of what many of my investor clients aim to do.
The purchase Price of this house was $525,000. The owner stayed on budget of $100,000 in his renovation. It took exactly 3 months to complete this renovation. Furthermore, the owner was able to rent the upstairs apartment for $2545 / month plus utilities and $1225 / month plus utilities for the basement apartment. For a total gross income of $3770 / month. The rental demand was incredible! He was able to rent the upstairs within 2 days of advertising it and 10 days for the basement apartment to qualified young professionals. After all expenses, the owner will be cash flowing close to $1000 / month! Many people wonder who in the world would pay this much for rent when they could simply buy a place? The rental market in the Toronto Beaches and its surrounding area is in very high demand and has been for quite some time. There are always people looking to rent quality suites…especially the young executive professionals who need a couple more years until they buy their own home, but need a place to rent in the mean time.
Well done! Thank you for sharing your renovation project details with our viewers…I know this will educate and inspire others to do similar things.