Managing your rental
Work out what an Ontario rental clears each month: rent, vacancy, condo fees, tax, insurance, repairs, management and the mortgage, with a free calculator.
By the Tenant.ca teamUpdated 3 min read
See what a rental clears each month after vacancy, running costs, management and the mortgage payment, before income tax. The starting values are an illustration for a condo, not a forecast for your property.
Running costs come to $1,126 a month on rent of $2,400 after the vacancy allowance.
Rent less the vacancy allowance, less condo fees, property tax ÷ 12, insurance, the repairs allowance and management, is net operating income; less the mortgage payment, it is cash flow. A cap rate is a year’s net operating income ÷ the price. The mortgage payment includes principal, which is not an expense for tax; income tax is not modelled. The management default is Tenant.ca’s published condo fee of $98 a month plus 13% HST.
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How property management fees compare →A rental's income is the rent less the weeks it sits empty. Canada Mortgage and Housing Corporation's Rental Market Survey publishes vacancy rates and average rents each year, and our city pages show the October 2025 figures for each community we serve. An allowance of a few percent of the year's rent covers a turnover between tenants.
This page is general information, not legal, tax or financial advice. The Canada Revenue Agency's pages, checked on October 19, 2026, are the authority on what you can deduct, and an accountant can apply them to your own return.
Before the mortgage, a rental pays:
Cash flow subtracts the whole mortgage payment, but only part of it is an expense for tax. The Canada Revenue Agency lists interest on money borrowed to buy or improve a rental property among the expenses you can deduct; the principal part of each payment repays the loan.
The Canada Revenue Agency also separates current expenses, deducted in the year, from capital expenses, which are claimed over time through capital cost allowance. Management and administration fees are on its list of deductible expenses, and rental income and expenses are reported on Form T776.
Net operating income, the rent less vacancy and running costs, shows how the property itself performs; a year of it divided by the price is the cap rate. Cash flow, after the mortgage, shows what reaches your account. A rental can have a positive operating income and a negative cash flow when the mortgage is large. Whether that is acceptable while the loan is paid down is a decision about your own finances, not one a calculator can make.
The levers an owner controls:
Tenant.ca's management fee is published: $98 per month plus HST for a condo or apartment and $148 per month plus HST for a house, so the cost is known before you sign. Your owner portal shows each rent payment and the repairs on each unit, which is most of what a cash-flow check needs, and the first 60 days of the agreement are a trial period.
