determine how much we can push up rents

[Jason Malabute]

One of the things I struggle with is determining apartment rent comps in my market. I struggle because I find it difficult to find an apartment that is within close distance, same year built, and same amenities as the subject property I am analyzing. I use apartments.com, hotpads, and craigslist to determine market rent for apartment property. 

Do you guys have a step-by-step or process to best estimate market rent for apartment deal you are analyzing?

[Taylor L.]

Originally posted by @Todd Dexheimer:

All of what you mentioned, as well as secret shopping the competition to find out their condition, concessions, etc. Find comps that are better and worse than your property in a similar neighborhood and use those as a gauge. 

Test the market as well. We have an apartment that has some 3 beds at it and only a few of the other apartments around have them. Our units are the best in the area, so we tested a newly renovated unit $75 above our competitors and got it rented immediately. 

Secret shopping is a fun process. You really get a strong exposure to the strengths and weaknesses of your competition. It can be a bit time consuming, though.