costar free alternative?

Question

Hey everyone

Be happy to get recommendations for doing rent comps. I've heard of costar but the pricing is unreasonable to say the least.

What are you guys using for market analysis and rent comps that is free?

Thanks

Geoff Byron · Answer

Curious if anyone knows of anything. For industrial I’ve just had to be scrappy

- scraping crexi and loopnet for listing rates

- reading broker market reports

- calling brokers on comp properties

Has not been efficient haha

Ronald Rohde · Answer

Why is it unreasonable? You're making millions of dollars on CRE, they have the best data set and no other competition. Call me for rates on one of my industrial properties and you'll get dialtone...

Ronald Rohde · Answer

Be careful, they are constantly banning accounts based on IP logins,

Ryan Phu · Answer

You could split the Costar Subscription with someone, I'm thinking of doing that with my friend

Joseph Gozlan · Answer

I know for sure that costar has some of it (not all data but a lot). I'm not sure about CRExi.

As for cap rate comps, I'd highly recommend that you work with a local commercial broker that's knows the market well because cap rates have been moving really fast and all over the place in the last few months that looking at comps from 12 months ago or even 6 months ago can be deceiving!

Ethan Lahav · Answer

Thank you Joseph :)

You forgot to send my that email we talked about over the phone :)

Geoff Byron · Answer

My understanding is that both costar and crexi have cap rate comps for industrial. Do you know if either have signed lease data to get NNN rates?

Joseph Gozlan · Answer

It really depends on the asset type you're looking at.

For Multifamily, Yardi is actually better than co-star in my opinion but is as expensive. That said, for multifamily, you don't need any of these tools for rent comps. Just go to apartments.com apartmentsguide.com rentpath.com etc. and search the area and you'll see all the asking rents in the neighborhood.

For other asset classes in commercial, you'll have to get Costar or CRExi, I don't know of any free resource.

costar free alternative?

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