Current lease rates by zip code

[Derek Bell]

Hello BP community!

Do you all have a particular resource, other than a CRE broker, that helps you find current and projected lease rates for multiple building classes per zip code?

[Joseph Cornwell]

I run my own comps when looking at new properties in areas I am unfamiliar with. I use apartments.com, Zillow, and sometimes the MLS to look at rent comps. I check the asking rent price vs size, amenities, and quality. I compare those with my subject property and the level of finish I plan to produce within that asset in that area. I also check to see how much traction those listings are getting, if its $1200mo and only has 3 contacts in 30 days that's a red flag, if its listed 3 days with 100 contacts, I know that's an accurate market rate.