When a mortgage approval relies on rental income, and a signed lease is not available, lenders will often accept a market rent appraisal to validate the rent.
Getting a market rent appraisal often requires calling an appraiser, paying roughly $50-$100, and waiting at least a day or so. (That’s assuming you’re not getting a full appraisal with a market rent estimation included.)
Aedis e-rent now provides a fast and easy alternative to determine market rents.
It lets brokers and lenders order economic rent appraisals 24/7 directly from its web site. (You need to sign up first.)
For strata properties (condos) in metro Vancouver, Aedis provides a fully automated calculation that’s based on thousands of local valuation records. A full report is delivered in seconds.
For detached properties, Aedis manually processes the valuations, and says it returns reports in approximately 2.5 hours.
“Aedis e-rent is the fastest and most economical market rent letter solution available,” says principal Jason Upton.
Once complete, Upton says the report can be e-mailed to the lender and/or the mortgage broker.
Aedies currently serves all of BC. It plans a roll-out in Alberta and Saskatchewan “within a few months” and in Ontario possibly by next year.
Aedies says its economic rents are accepted by all lenders or it will refund the cost in full. That cost is $35 for the first rental unit, plus $10 for each additional rental unit/suite.
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