Rental Comps via MLS
9 Replies
Michael Pendleton
from Edmond, Oklahoma
posted over 3 years ago
Jacob Wathen
Investor/Real Estate Agent from Portland, OR
replied over 3 years ago
Hello Michael,
Most agents should have a good grasp on the rental market in their area. In Portland we do not have access to pull rental comps via the MLS. I am not sure if this varies but I believe your realtor would know best. Due to our experience realtors are typically good at running rental comps from different sources though. You can also utilize Rentometer and Hotpads to help get an idea of average rents in your area.
Neal Collins
Developer from Portland, OR
replied over 3 years ago
In some states rentals are listed in the regional MLS. Realtors are then able to pull comps that way. Other states the MLS does not allow For Rent listings.
Michael Pendleton
from Edmond, Oklahoma
replied over 3 years ago
@Jacob Wathen - I appreciate the information. Have you found Rentometer to be relatively accurate in your area?
@Neal Collins - Thank you for clarifying that the inclusion of rentals in the MLS is variable!
Jacob Wathen
Investor/Real Estate Agent from Portland, OR
replied over 3 years ago
@Michael Pendleton Rentometer is pretty hit or miss. There needs to be high inventory of rentals with similar criteria for those sites to be accurate. I would usually say it is a good start but you have to pay for a subscription if you are using it daily.
If I were you I would just give a good property manager a call and they should be able to give you accurate numbers for specific neighborhoods within their area of expertise.
Michael Pendleton
from Edmond, Oklahoma
replied over 3 years ago
@Jacob Wathen - Thanks for your insight on Rentometer. I have already used up my "trial" look ups and am at the point that I would need to subscribe in order to continue using the service, so I am trying to justify if it is worth the cost.
Jacob Wathen
Investor/Real Estate Agent from Portland, OR
replied over 3 years ago
@Michael Pendleton I would explore other options prior to paying for it but it does work fairly well in most markets I have used it.
Michael Pendleton
from Edmond, Oklahoma
replied over 3 years ago
@Jacob Wathen - Thank you sir!
Christine Kankowski
Real Estate Agent from Temecula, CA
replied over 3 years ago
even in areas where we can pull the MLS, only about 25% (My estimate) of rentals are actually posted on the MLS. We, as a company, rately post on the MLS, since we get enough traction with the other web sites and really dont need other agents to bring potential tenants to us.
Our property management software has a buiilt in system that can show us the comps of all the property managers using that software. There are just a few big software companies and I have found the comps to be pretty accurate.
That and zillow actually does a fair job in high volume areas.
Fred Heller
Real Estate Agent/Property Management from Houston, Texas
replied over 3 years ago
That's surprising that your local MLS doesn't have rentals. Our MLS is a great place to pull comps for rentals.
It's better for single-family homes than apartments. So for apartments, I'll check MLS first. And then I'll go on sites like Apartments.com and even Craigslist to check for apartments in the area. Those sites won't tell you the sold price, but at least you can see what the rental rates in the area are.