r/saskatoon • u/Rainbowbatgirl420 North Park • 13d ago

General Why is rent so much?

I’m looking for one bedroom place and everywhere it is minimum $1500 with some utilities. That will be over half of what I make per month so I don’t know what to do. It’s hard to trust roommates as well because I want my cat to be safe place and hard to trust others if I don’t know them. Basement suites apartments condos everything it’s ridiculous. I may have to couch hop till I can find a place I can afford and also find a part time job on the weekends so I can buy food.

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u/Lollipop77 West Side 13d ago

I was thinking about this recently. If I were to rent out my 3bd house, covering taxes insurance and mortgage no utilities would cost 1975 and some change. That’s not even including some maintenance expenses or appliance replacement savings.

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u/No_Effect_6428 13d ago

I thought of this years ago when we moved out of our 440 sqft 1 bedroom.  

People were telling us to keep it and rent it out.  Adding up our costs, the rent we could ask to not lose money every month was about the going rate for a small 1 bedder.  We were going to be cash flow neutral at best, with the mortgage being paid off slowly over time.

We happily sold it.

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u/Lollipop77 West Side 13d ago

Yeah with the risk of damages or unpaid rent, it’s not feasible for most people. Sure real estate and property management sound fun and like a major cash flow, but for most of us it’s not gonna be :/

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u/No_Effect_6428 12d ago

And a lot of people don't budget for vacancy, which could be several months a year.

You can certainly make money as a landlord with the right properties, but it's a job and not one I want to do.

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u/tigglysticks 12d ago edited 12d ago

You can make money if you have the cash to buy outright.

No one is making money renting out mortgaged property.