Landlording & Rental Properties

Landlords: Learn How to Find Average Market Rents for your Area

Expertise:
28 Articles Written

If your in the market to buy a rental, knowing the expected rental rates should be part of your due diligence.   The following will help you find the average property rental price in your area.

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  1. Read your local newspapers. As you read through the classified adds, make sure you are comparing apples to apples.  Homes with swimming pools and 4 bedrooms is not the same as a one bedroom studio.
  2. Consult your Realtor.  Hopefully your real estate team has working knowledge of rentals and can utilize the MLS to help narrow down the rental price range.  Be sure and ask for documentation of their comparable.  Use your advisors to help gather information and to give you feedback, do not rely on them to make your decisions.
  3. Go online.  Most metro areas now have online classifieds like craigslist.  This along with other sites can give you great information.  Go google…
  4. Go drive around.  As I drive to and from work I notice a number of rental signs.  If you have a location or area targeted, or you just bought a rental, beat the street.  You can learn a lot just by calling your competition.

Remember that rents collected is an important part of cash flow.

    Dan
    Replied over 11 years ago
    You can also use free tools like: http://rentbits.com/rb/page/widgets.html
    Joshua Dorkin
    Replied over 11 years ago
    Here are a few other resources for determining fair market rents, Troy: https://www.biggerpockets.com/fair-market-rents.html
    jgand
    Replied about 11 years ago
    Troy, great article especially today with the market being so crazy. But renting is still alive and well as long as you can make the mortgage. If you just underprice the market you should rather well. There are many tools to use these days. Realtors and the newspaper(online also) are the best tools I’ve found.
    jgand
    Replied about 11 years ago
    Troy, great article especially today with the market being so crazy. But renting is still alive and well as long as you can make the mortgage. If you just underprice the market you should rather well. There are many tools to use these days. Realtors and the newspaper(online also) are the best tools I’ve found.
    ROBERT
    Replied over 10 years ago
    Thanks….great help !!!BIGGERPOCKETS,YOU ROCK!!