Hello everyone, quick question - What is the best and most precise way to determine fair market rent for a property? The place I'm looking at is a modular home (one level - no basement ) and sits in a nice little gated community. Do I ask a few property managers? Other investors? Rentometer? Any help is greatly appreciated!
You are correct on rent o meter and other property management companies. You can also look at Craigslist, your agent should know, check with other landlords in the area that you may know or at your local reia, Zillow gives that info also but I have found they are not correct. Last but not least you could call up section 8 office and ask them what they would pay for your house.
It's best to try and find comparable properties in the area that have rented in the last couple of months. Features such as number of bedrooms, bathrooms, square footage, etc. should be considered when making a determination.
Local property managers can also be helpful. Also, I find the neighbors and realtors in the area can be a good source of information.
Hope that helps!
Great to see you are getting into the exciting world of factory built homes. I agree strongly with Sydney and Rachel that all the local comps you can pull will help you determine a fair rental price. When in doubt start towards the higher end of your rental-payment spectrum and lower your price accordingly or for a certain renter.
Some additional thoughts I would like to mention, even though it was not mentioned, is that many parks do not want a home owner sub-leasing or renting out their home. This is not all park but it does describe many. Make sure you clear renting with the park manager prior to purchasing.
All the best and talk soon,
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