Estimating Rent on Potential Properties

[Austin K.]

Hello, I have just began to start searching for my first investment property in the NW Twin Cities metro. While I've done a lot of research and feel comfortable accounting for expenses while vetting properties, I haven't done a ton of research and on how to estimate what I could charge for rent. To this point, I've been using Craig's List, Zillow, Rentometer, and property management listings (i.e Renter's Warehouse) to estimate rent. Looking for what has worked well for more experienced investors to ensure I'm accurately forecasting. Thanks, Austin

[Megan Greathouse]

Hi, @Austin K.... I personally believe in getting information from three sources, and then crafting your best estimate from those. I generally check Rentometer and HotPads, and then use a property management company or an investor-friendly real estate agent as my third source. I think it's smart to use an estimate on the lower end of the three sources, just to make sure you aren't counting on a level of rent that might not pan out. Best of luck!