Best way to find rental comps?

Question

Looks for ways to get rental comps to use in my cash flow calculations?  I am hoping they are accurate.

Thanks,

Rob

Cameron Braig · Answer

Utilizing broker relationships can be a valuable way to gather information. The deal volume they see can provide insights and data they see can be invaluable. Best of luck in 2022.

Jonathan Bombaci · Answer

Pulling comps from MLS or looking through FB Marketplace posts to see what rentals are being listed at os probably the most accurate way to do it but it takes time and to do that on every calculator run is unnecessarily brutal. Renometer and BP insights are great tools but if your looking for something quick and dirty, and free, I Ike to use the HUD Fair market rent numbers.

This is published data by HUD to help section 8 and other voucher programs determine the maximum allowable rent for given markets across the country by bedroom count (1-4 beds). These number include all utilities so you’ll need to adjust them down $100 or so if tenants pay separate utilities and of course take them with a grain of salt and run real comps when your looking to put in an offer. But I like using these for quick and dirty calculator runs and from my experience they end up being pretty accurate in most heavy section 8 markets.

https://www.huduser.gov/portal...

Best,

Jon

Bud Gaffney · Answer

@Rob Shah Rentometer Is great

Wale Lawal · Answer

@Rob Shah,use Rentometer.com or BP Insight to have an idea of what the property will rent for.

If you don’t have access to either then use 90% of whatever Zillow Rent Estimate is for example, if Zillow says it will rent for $2000, then 0.9x$2000 = $1800 will be the most likely rent.

That been said, the best comparable is the one you get from an Agent because they have MLS access with a lot of data that will provide you the best result.

Goodluck