Clarksville, TN · Member since 2013 · 23 posts · 2 votes
Is there not a better site for estimating what a property should rent for? It seems pretty crude. I mean it just goes by number of bedrooms, but I think rent can vary wildly within other factors like number of bathrooms, total square foot, lot etc.
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
13y
Look under "Resources" in the menu bar across the top of the page; in there you will find "REI Resources"; click on that and you will be taken to a new page; on that new page, you will see a column called "Landlord Resources", and under that column is a link to a page that will give other sites to check for market rents.
Investor · Pleasant Hill, CA · Member since 2013 · 17 posts · 0 votes
13y
Can try zilby, zillow rentestimate or look around Craigslist for nearby properties. The interesting thing about rentometer is that the rents it showed for my properties have been fairly accurate, within $25-50 of actual rent. Maybe it pulls data from craiglist since that and a for rent sign are my only two forms of advertising.
Specialist · Grand Rapids, MI · Member since 2012 · 582 posts · 353 votes
13y
Bryan Weller - I think your skepticism is reasonable. I only use rentometer if I am TOTALLY unfamiliar with rent rates in the area. Even then, I only use it to get a first-pass idea. Before I get much further, I always take the time to call a local property management company (and I give them a chance to see interior pictures as well). They almost always know better than anyone what one can reasonably expect to earn in rent (as well as what the vacancy rate is likely to be... and any other issues to beware of).
As always, it never boils down to one number. The "expected rent" is really just a hint at the profitability (or lack thereof) of any rental property. There are a lot of other factors to consider - so make sure you're taking a holistic view of the situation.
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
13y
Look under "Resources" in the menu bar across the top of the page; in there you will find "REI Resources"; click on that and you will be taken to a new page; on that new page, you will see a column called "Landlord Resources", and under that column is a link to a page that will give other sites to check for market rents.
Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
13y
The other thing it doesn't take into account is if the unit is a single-family home, a duplex, a townhouse style duplex (side-by-side), or an apartment. A unit with the same number of bedrooms and bathrooms in each of those different types of units can rent for different prices.
I will look there, but I also check out what the "competition" is charging. I'm also not afraid to charge market rent even in the winter time or wait an extra week to rent something out in order to get a good tenant.
Milwaukee, WI · Member since 2013 · 384 posts · 109 votes
13y
I've found rentometer to be very helpful in setting rents in for my duplexes. It is just one tool, you'll also want look for as many indicators of rent as possible. Similar to what an appraiser does, you should make adjustments to the market rent either up or down based on how the amenities and condition of your apartment compares to others in the area. You'll also want to make an adjustment based on the building type. For example I would give a single-family a large rent premium because people prefer having a yard and the greater privacy afforded in a SF.
Investor · Milford, CT · Member since 2012 · 592 posts · 285 votes
13y
I basically do the same thing Rentometer does by downloading 3 months of Rental info from craigslist and just running a average and median score to compare.
Flipper Mostly · Redwood City, CA · Member since 2012 · 107 posts · 26 votes
13y
I like to use the top down approach sometimes if it's not critical to have it rented asap. I'll advertise on CL for a higher price, if no bites in a week, i'll drop it by $50 a month and so on..
Rentometer has worked well for me when I want to raise rents when I dont think I'm getting enough, I'll include the website in my letter to the tenants so they can see that they are not paying too much.
Investor · Wichita Falls, TX · Member since 2010 · 3k+ posts · 603 votes
13y
I've used rentometer before for a quick historical ballpark range of rents. This is my first time hearing of MapLiv thanks Minh L.! Now I can use rentometer for previous rents, and MapLiv for current market rents. Craigslist would be a good source too.
Investor · Round Rock, TX · Member since 2013 · 42 posts · 34 votes
13y
An agent has access to rental comps and that's the most accurate way. They charge but I think it's worth it. (disclosure:these days that's my wife so I get a discount, but I still think it's worth it)
Mike J actually said the number one secret, drop the price every week or two, don't be stubborn about getting the rent you want.
For example, if you think your property can rent for $1000/mo, that means you lose $250 every week its unrented (plus electricity of course). So what's better, leave it at that price for a month and not get it rented or drop it $25 every week and get it rented quick?