Atlanta, GA · Member since 2018 · 94 posts · 33 votes
I'm submitting an offer an a duplex in a "hot" area of Atlanta. (Grove Park, 30318) What are some resources that you use to determine per/door rental rates? I've looked at websites like Rentometer to determine averages. The rent rolls that local landlords are posting tend to be under-market. I'm trying to lock-in my numbers and determine NOI so that I can make an appropriate offer.
@Ari Newman. If you're submitting an Offer - I presume through a Real Estate Agent. If so, your Agent should be able to access the Rental Data for local area.
Good Luck.
@Ari Newman. If you're submitting an Offer - I presume through a Real Estate Agent. If so, your Agent should be able to access the Rental Data for local area.
Good Luck.
@Ari Newman another strategy I use is to look through large brokerage's OM packages on similar deals in your area. They will usually have a page or two for rent comps. i.e. CBRE, Marcus & Millichap, etc.
You can check Loopnet as some landlords will post rent rolls there. I'd also look at listing sites like Zillow, Trulia, Hotpads, Craigslist, etc. and see what other landlords are asking for rent in the area and adjust your numbers accordingly.
Thanks for all the feedback. There have been lots of SFR sales in the area but few multifamly and rentals listed in the FMLS database. I'll check out some of the other suggestions above.
@Ari Newman. Take a circle and keep expanding it until you get enough data to answer your Rental Question. Obviously, the larger the circle the less precise the data. An alternative is to find an area close by that if people couldn't find the rental they wanted in X area, then they would go to Y area as an alternative.
@Ari Newman I think the best way is to pretend you're a tenant looking for place to rent in area. Look to see what there is on various ad sites like Craigslist/Facebook Marketplace. Call any property managers that operate in the area and ask them if they have anything for rent in that area and what a 2br walk-up (or whatever) apartment in that area goes for.
Best yet, walk the neighborhood and look for similar rentals. Knock on the door say you are looking at a place in the neighborhood and ask what they pay in rent. Many people will tell you. You can also look up the owner in the tax records and try contacting them.
@Ari Newman, call the local chapter of NARPM. They track county level rents and vacancies- it's real, and real time data, I think it's the best way to do this. Good luck!