Rental Comps

I can't vouch for the reliability of it, but you may also want to check out http://rentometer.com -- It seems to throw up pretty good comps for the area i live in (Brooklyn, NY). Your mileage may vary.

Edited: 06/26/2010 at 09:59AM

Jon Holdman

Real Estate Investor · Denver, Colorado

11859 posts
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Icon_minipost Oct 08 '09, 03:38 AM

I find rentometer tends to be bit on the high side in our area. But its a quick and easy check. The problem is that it isn't very detailed. It doesn't account for the property size, garage or bathrooms. Good way to get an idea, though. Then, start grubbing through craigslist.

Another source is to find the Section 8 agency for the area and find their standard rates. These tend to be above market, but will also give you an idea.

Edited: 06/26/2010 at 09:59AM by Jon Holdman

Jon Holdman, Flying Phoenix LLC

Steve Babiak

Real Estate Investor · Audubon, Pennsylvania

3895 posts
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Icon_minipost Oct 08 '09, 06:52 AM

how about some of these:
http://www.zilpy.com/

http://www.rentometer.com/

this one does a bit more, but it can get rents (I think they are off the MLS):
http://www.finestexpert.com/

http://www.rentals.com/

http://www.mynewplace.com/

Edited: 06/26/2010 at 09:59AM

Dave Dugdale

· Superior, Colorado

4 posts
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Icon_minipost Oct 09 '09, 11:32 PM

Rob,

I have an average rental tool which doesn't do comps but it might give you an idea of the average rent in your area based on # of rooms and type.

I hope that helps you.

Dave

Edited: 06/26/2010 at 10:00AM

Jon Holdman

Real Estate Investor · Denver, Colorado

11859 posts
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Icon_minipost Oct 10 '09, 12:08 AM

Comparing the list Denver on that site to what I get for my rentals, what people I know who are renting (in nicer areas) are paying, and what I know others are getting, those rents in the list seem very high to me. I realize they are averages, but since most rentals are at the lower end, I don't see how the few high end rentals can possibly bring the average up that high.

Edited: 06/26/2010 at 10:00AM

Jon Holdman, Flying Phoenix LLC

Dave Dugdale

· Superior, Colorado

4 posts
-26 Influence

Icon_minipost Oct 10 '09, 01:20 AM

Jon,

Perhaps you are right since my average rent numbers are based only on the listing rental price and not the actual negotiated price.

Most of the property managers that I talk to use all these sites to help guide them went coming up with a rental price. I hope adding my tool to the mix of other ones can help them out even more by adding another data point.

Dave

Edited: 06/26/2010 at 10:00AM

Dave Dugdale

· Superior, Colorado

4 posts
-26 Influence

Icon_minipost Oct 10 '09, 01:26 AM

I just noticed that my "Influence" for my profile is a -31. Ouch! I guess I started off on the wrong foot here even though I have been a member for awhile.

Looks like I have some work to do to get my karma ranking up to neutral. :)

Edited: 06/26/2010 at 10:00AM

Rob Beeman

24 posts
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Icon_minipost Oct 11 '09, 07:43 AM

Thanks for all of the input. I'll check out the sites that were recommended.

Edited: 06/26/2010 at 10:01AM

Jonathan Rexford

Real Estate Investor · Vero Beach, Florida

269 posts
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Icon_minipost Oct 11 '09, 08:16 AM

This is old school. But it worked when I wanted to find out about a new area.

I pulled up a list of Non Owner occupied homes in the area. I just did random searches of 10 homes and cross check them with property appraisers to see if similar home along with WHITE PAGES. I would then call the people and told them I was doing a rental survey and I would give them my informaiton of what I found out. I actually got results.

It was something that I picked up from some GURU like a dozen years ago or so.

It took time, but I actually talked to people that I could find.

At that time I did not have access to MLS and Craigslist in my area was usless as it is today.

HTH

Edited: 06/26/2010 at 10:01AM

Craig Grella

Commercial Real Estate Broker · Nashville, Tennessee

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Icon_minipost Oct 11 '09, 09:25 AM

I've always found craigslist to be pretty informative and its easy to navigate.
If nothing shows up there for your area, i'd call management companies or start knocking on doors.

Edited: 06/26/2010 at 10:01AM

Bienes Raices

· Orlando, Florida

1932 posts
12911 Influence
9 Awards

Icon_minipost Oct 11 '09, 10:23 AM

I've been using Craigslist. I created a big spreadsheet where I put info like what rent they were asking, condition, year built of house, if there's a pool, square feet of house, if lawn care is included, etc. I made a separate column for zip code so that I can sort by zip.

I also went into the public records for my county to see what price the house was bought for, and if it's cash flowing for the current landlord.

I haven't been able to put my data to practical use yet, but I think it will be a good way to compare apples to apples when it comes time to set my rents, and whether to buy.

Edited: 06/26/2010 at 10:01AM

Jason S.

Real Estate Investor · Upland, California

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Icon_minipost Oct 11 '09, 10:29 AM

Originally posted by Rob Beeman

Are ther any web sites that allow a person to search for rental comps, nationally?

I have been using Google Maps.

Type in address or city or zip code or whatever into Google Maps. To the right of the search bar it says "other search options" - select Real Estate. A new window will appear in a "frame" to the left and select "For Rent".

Puts many rentals on the map with little red dots - hover on each dot and see the asking rent.

Edited: 06/26/2010 at 10:01AM by Jason S.

Rob Beeman

24 posts
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1 Award

Icon_minipost Oct 11 '09, 11:47 AM

JCC, thanks for the tip. I just tried googlemaps and it is pretty cool! It shows the proximity to the property in comparison with the comps, and details/pictures on the comps. Thanks!

Edited: 06/26/2010 at 10:01AM