Rent in High Value Neighborhood

[Ben Le Fort]

Hi, 

Thinking of buying a new house and renting out my current house within the next few years. The neighborhood has really shot up in value over the past few years and houses are selling for $500k+.  

My question is there a formula you use to determine rent in high-value areas (maybe 0.5% of value?) or should I really only be going off-market/rent reports for my area? 

Thanks,

Ben 

[Omar Khan]

@Ben Le Fort Canadians don't have Zillow, Trulia, Redfin, Hot pads or Rentometer. 

Easiest way: talk to a realtor/broker or go to your local Kijiji rent section. 

Hardest way: Craigslist (not as popular in Canada as in the US), asking your neighbors (everyone thinks their house is special and deserves higher rent)