I was wondering, who exactly should one go to when they want to find out the different rent rates that tenants are paying for in a certain area?
I get this type of information from my realtor, from the government's "Fair Market Rent", but the best way to get this info is to find advertisements- realtor.com, zillow, craigslist etc. I have a target area we invest in, so I created a spreadsheet of rents in that area with apartment size, amenities, and who pays utilities. This helps me get a good sense of the range of rents out there and where we fall in that range. You can also go look at some of the apartments yourself to get a better idea of the quality etc.
Originally posted by @Kelly N. :
I get this type of information from my realtor, from the government's "Fair Market Rent", but the best way to get this info is to find advertisements- realtor.com, zillow, craigslist etc.
In addition to the resources Kelly recommended, you may want to check out rentometer.com. In my area I find that it tends to be low, but it is one more data point. Also, talk to any property managers that you know.
thanks for the advice ladies! The spreadsheet sounds like a really good idea actually. Do you think it's bad if I call up some of the competition and ask them as well? Lol
Great idea! When we were starting out, the biggest landlord in town had ALL his listings on his website whether they were rented or not, so I didn't even have to call! He took that gold mine of information down and only lists vacancies now, but I just go back and update each listing in my database since I have the addresses and apartment numbers in there.
It also wouldn't hurt to go to any local REI meetings and network- people generally like to help other people out where they can.
Drive the neighborhood- call on the signs posted. Thats number one. plus it gives you a feel of the competition and the curb appeal of the properties.
Most PM firms post vacancies on their website with prices. Craigslist will do the same. Start higher and drop down after you get feedback from your ad- sometimes you may find someone that really wants that area (ie close to family) and will pay to be there.
If its a single family- you only need one! pick wisely- good luck
ahhhh ok ok I see now. Thanks for everything guys. I will certainly get on top of it !
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