Rental Comps For Single/Multi-units

[Kyle Lam]

Hi All,

I wanted to create this post to find newer and more effective methods for finding/running rental comps for multifamily and single family investment properties in Philadelphia. I know that there are websites that you can pay for monthly subscriptions like rentometer or even free sites like zillow/redfin that will have available rentals in the areas. However, I was wondering if there are any better sites/apps that could give a better idea of what rental units are renting for in different parts of Philadelphia. Where they might give a breakdown of average rents for 1 bed, 2 beds, 3 beds, and etc... I am just looking to get a better grasp of what the general rental prices are in certain areas to better understand what a potential investment property could generate in rental income. Anything helps! 

[Alan Asriants]

As others have mentioned above Philadelphia can be block by block area. Its important that you are truly comparing apples to apples and not fetching data too far out. In areas like Roxborough or NE Phila - the neighborhood stays generally consistent over longer stretches but tighter and more dense neighborhoods can change drastically. 

For example properties west of broad street above Washington ave are considered in Grad Hospital area and rent/sell for much higher than just a block south in point breeze

A trick I use to gauge rental comps is to look at very similar layouts and listings for rent on zillow and track the number of days listed vs contacts made. If the listing has been listed for 10 days with only 2 contacts made - its safe to assume that the value for the condition/area they are asking for is too high. On the other side if that property had 20 contacts in 10 days than that is a healthier sign. You can assume that is more in line with the market