Ready to move out of your apartment, but not ready for the commitment or cost of owning a home?
Renting a house in Regina might be your perfect option.
Whether you are looking for a pet friendly house in one of the city’s most popular neighbourhoods, or a newer two or three-bedroom home in the outskirts, you’ll easily find a house to rent in Regina that matches your specific needs and budget.
How Much Does it Cost to Rent a House in Regina
At first glance, it might not seem like a great bargain to rent a house in the Regina area. After all, the average three-bedroom home costs $1,725 at the time of writing this. But when you consider the average price to rent a three-bedroom basement suite is $1,400, the rental price for a home doesn’t seem as bad. It’s important to consider the amount of space you’re receiving for the price. Sure, you’ll get a three-bedroom apartment for a little cheaper, but that unit might be half the size of the house you can rent for only a few hundred dollars more.
Also, consider Regina remains in a renter’s market. According to the Canada Mortgage and Housing Corporation, 5.5 percent of rental properties were vacant in 2016. Over the past few years, easy credit caused a surge in newer homes, creating more available properties than buyers or renters in the area. This means if you’re renting a home, you’re more likely to find a great value due to the amount of available properties on the market.
Important Details That Affect the Cost of a House to Rent in Regina
Houses for rent in Regina come in a variety of shapes, sizes, and neighbourhoods – which will play a role in the cost of your rental home. It’s important to understand what you’re getting before you unlock the door for the first time.
Here are three big factors you need to know about that will impact the cost of renting a house in Regina.
1. Age of a House to Rent in Regina
Most of the houses in Regina are 60 to 100 years old. Depending on how well these properties have been maintained over the years, you’ll find houses in a variety of conditions. For instance, the basements in some of the older homes may be crumbling or have water issues. Worst case scenario, you may find mildew or mold. Obviously, an older home that’s not in great condition will cost less to rent.
However, just because a home is older doesn’t necessarily mean it will be the cheaper option when you factor in your utility bill each month. For instance, during those long Saskatchewan winters, your electric bill could easily be as high as $600 a month if your house has a baseboard heater that runs constantly on an older manual dial thermostat (typically a problem in older stacked duplexes). That bill could be cut in half if the home you’re looking to rent has been updated with a more efficient system in place.
2. Location of a House to Rent in Regina
The age of the house you’re looking to rent may also impact the neighbourhood it’s in. If you’re looking for something close to the city centre, the homes will likely be older. Depending on the area, you may find a few renovated houses in some mature locations, but those properties will likely come with a higher price tag. If a newer property is what you desire, consider the outskirts of Regina in communities like Harbour Landing or The Greens on Gardiner.
The neighbourhood in which a home is located will play a huge role in how much it costs to rent. As expected, houses in more desirable areas are generally priced higher, even if they aren’t in the best shape. Rental properties in more rundown or dangerous sections of the city will be a little cheaper. If you notice homes in one area tend to generally be more affordable, it’s best to do your homework to determine why. Working with a property management company can also help you determine which neighbourhoods you might want to avoid.
3. Size of a House to Rent in Regina
This should come as no surprise, but a three-bedroom house to rent in Regina will typically cost more to rent than a two-bedroom house. But bigger isn’t always better. Consider the size and space you need in order to keep your rental home within your budget. If it’s just you and your significant other and you want to live closer to the city centre, consider a two-bedroom house to rent. But if you have a child and also want space for a home office or guest bedroom, you’ll definitely be paying more for a larger property to live in that hot neighbourhood.
You Have Choices When Looking for a House to Rent in Regina
In the end, finding your house to rent in Regina all comes down to what is best for you and your family.
Fortunately, in today’s market you have options to make sure you can find the right property to meet your needs – without breaking the bank.
Ready to start your house rental search in Regina? Then our property experts are ready to speak with you! View our available houses for rent online, or call us at 306-551-2940 and let us find the rental home of your dreams.
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