Real Estate

Basement Rentals in Markham

  • Last Updated:
  • Mar 27th, 2017 1:50 am
[OP]
Jr. Member
Mar 18, 2015
130 posts
31 upvotes
Mississauga, ON

Basement Rentals in Markham

How do I find out what is a fair value for basement rental in Markham.

I've been hearing that rent is crazy expensive and there's low availability. Is that just in Toronto or does that extend out to Markham?
I have a basement that I want to rent out, but it's been sitting empty for a while now.
Either the agent we're using to rent it out sucks or that she's set our expectation and price a bit high.
So the place is in Markham South Unionville. Kennedy between 407 and Hwy 7
1Br. Kitchen with full stove and fridge, 3pc Bathroom
Agent says to price it at $850.
We've averaged 1 showing per month.

I've lived in basements before and I must say, this is one of the nicer basement apartments I've been in. But nothing really stands out. It's not immaculate, but it's not dingy like some I've stayed in.
It's my house so I try to keep it in good shape.
13 replies
Deal Addict
User avatar
Sep 4, 2005
2476 posts
355 upvotes
Toronto
Fair value is really based on what people are paying. If there is low supply and high demand, guess what prices are going to be like. Take a look yourself online to see what places are going for if you don't trust your realtor.
Deal Addict
Jul 29, 2006
3341 posts
345 upvotes
I would say yours is actually priced lower if you compare vs this listing

Yours is closer to the GO station and depending if your basement is nicer as well.

The problem with your listing is that you have no pictures at all except for the exterior of your main house. Another factor is that it's still a little early for people to considering moving as late spring/summer is when most of the activity is.

What are you paying this agent for anyways if she can't show any pictures?
Deal Addict
Feb 2, 2014
3398 posts
548 upvotes
Toronto
restie wrote:
Mar 20th, 2017 2:28 pm
How do I find out what is a fair value for basement rental in Markham.

I've been hearing that rent is crazy expensive and there's low availability. Is that just in Toronto or does that extend out to Markham?
I have a basement that I want to rent out, but it's been sitting empty for a while now.
Either the agent we're using to rent it out sucks or that she's set our expectation and price a bit high.
So the place is in Markham South Unionville. Kennedy between 407 and Hwy 7
1Br. Kitchen with full stove and fridge, 3pc Bathroom
Agent says to price it at $850.
We've averaged 1 showing per month.

I've lived in basements before and I must say, this is one of the nicer basement apartments I've been in. But nothing really stands out. It's not immaculate, but it's not dingy like some I've stayed in.
It's my house so I try to keep it in good shape.
Something is wrong. Only 1 showing per month?

$850 for an average 1-bedroom basement apartment sounds about right. Care to share the MLS listing?
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Fanatic
User avatar
Mar 31, 2008
9017 posts
1024 upvotes
Toronto
Parking? And try to list in the local chinese paper.
Deal Addict
Jul 29, 2006
3341 posts
345 upvotes
I think it did indicate 1 parking spot available outside. I forgot what the website was but it was like a kijiji version for chinese community.
Deal Addict
Jul 29, 2006
3341 posts
345 upvotes
mingyang wrote:
Mar 21st, 2017 3:20 pm
try 51.ca and yorkbbs
That's the one! Expect to get lowballed though.
[OP]
Jr. Member
Mar 18, 2015
130 posts
31 upvotes
Mississauga, ON
I've listed on Kijiji and I've gotten plenty of replies. I don't think my agent was very aggressive in putting it out there.
nx6288 wrote:
Mar 21st, 2017 3:24 pm
That's the one! Expect to get lowballed though.
I can't read Chinese so I'm going to let my wife do the listing. Should I put the price higher here so there's have room to lowball?
Jr. Member
Sep 9, 2016
123 posts
40 upvotes
Toronto
My parents listed a basement in nelson and finch on Kijiji and got like 20-30 calls within 24 hrs. Eventually rented out to a couple for 1k/month even though they were asking for $800. Why use an agent. You can do it all yourself. Its very little money for them, so they won't put too much effort into it. Also have lots of pictures. It may also help if you offer internet and cable included.
Deal Addict
Feb 2, 2014
3398 posts
548 upvotes
Toronto
Mythical09 wrote:
Mar 26th, 2017 6:44 pm
My parents listed a basement in nelson and finch on Kijiji and got like 20-30 calls within 24 hrs. Eventually rented out to a couple for 1k/month even though they were asking for $800. Why use an agent. You can do it all yourself. Its very little money for them, so they won't put too much effort into it. Also have lots of pictures. It may also help if you offer internet and cable included.
Ya, that's pretty normal.

I'm very confused with the 1 showing per month that the OP is getting at $850/month in Markham.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Fanatic
User avatar
Mar 31, 2008
9017 posts
1024 upvotes
Toronto
Mythical09 wrote:
Mar 26th, 2017 6:44 pm
My parents listed a basement in nelson and finch on Kijiji and got like 20-30 calls within 24 hrs. Eventually rented out to a couple for 1k/month even though they were asking for $800. Why use an agent. You can do it all yourself. Its very little money for them, so they won't put too much effort into it. Also have lots of pictures. It may also help if you offer internet and cable included.
Do you mean Neilson n Finch?
Member
Feb 21, 2010
321 posts
52 upvotes
Scarborough
I haven't had lot of success with Kijiji. Tried to rent a home in Scarborough recently. I would get 20-30 calls every time I would refresh my advt or pay Kijiji to bring it to the top. None of the tenants would have decent credit history or their story together that would make me rent the house to them. Meanwhile my agent would receive around 3-6 offers every month from the mls listing. Took over 4 months to agree on the tenant. I feel that tenant quality has deteriorated a lot as whoever could afford a home has got one already

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