Best way to identify Rent prices?

Question

I’m currently looking at a duplex in the Claremore area. It looks like a great property, but I’m having trouble identifying possible rents from both sides. What is the best way to do this? There’s no properties available for rent in the area so I can’t use them as comparisons.

Joe Scaparra · Answer

@Bryan McElrath, please utilize your profile page and give us some insight about you. Where you live, what are your goals, experience ect. I have no clue, where is Claremore? Tell me about the duplex, bedrooms, baths, carport or garage or neither. Private yard? Go to zillow.com, put in the address and then go to the subdivision page and start clicking on duplexes around the one you are interested in. Go to property history and see what they have been renting for and some may still have the photos and description of the property when it was listed. That will start to give you an idea. But don't stop there. Look at the pictures and determine how your's compare. Since I have no friggen idea where Claremore is I can't get an idea on rental trends. I live in Austin and the rental trend is up big time. If you are not desperate, figure out what the rent should be and ADD $100 if the trend line is up! Give it a week and see what the response is. Be a trend setter not a follower if you are not hurting on cash flow.

For example, I just bought a duplex renting for 1000 a side. One tenant is month to month and he has given notice to move. We advertised 1500 and are getting unbelievable interest. Many individual landlords have owned their property so long they have not kept up with rents. So don't let the laggers set your rent. Cheers!

For example, I just bought a duplex renting for 1000 a side.  One tenant is month to month and he has given notice to move.  We advertised 1500 and are getting unbelievable interest.  Many individual landlords have owned their property so long they have not kept up with rents.  So don't let the laggers set your rent.  Cheers!

Taj Akinbode · Answer

@Bryan McElrath

Here are some helpful info

Rentometer - https://www.rentometer.com/

Bigger Pocket Rent Estimator - https://www.biggerpockets.com/...

For a more reliable data, get a realtor with MLS access to help you run rental comps.

Best of luck.

Joe Scaparra · Answer

I live in Austin and have about 14 rentals in the area.  So i keep abreast of what the properties rent for.  When you look at property history on individual properties that also could give you a clue.  Then also call a few rentals and talk to the listing agent and ask questions as to what is the response to their listing and what are their thoughts on the housing market, rental market ect.  Talk to people, meet other investors in your local area and have coffee with a few and learn from them first hand.  Ask them what they are experiencing with their rentals.  Get out an meet and greet!  No need to reinvent the wheel!

Zackary Shephard · Answer

Message me. I am an agent in the area, and also have a duplex in Claremore I house hacked last year.

Bjorn Ahlblad · Answer

Sounds like rentometer would work in this case. Just enter the address.

Lindsey Buxton · Answer

🚀 Check out BiggerPockets Rent Estimator tool: https://www.biggerpockets.com/...

Bryan McElrath · Answer

@Zackary Shephard

I’d love to hear about it, I requested to connect!

Thanks

Eliott Elias · Answer

Get a realtor to run comps for you.

Bryan McElrath · Answer

@Bjorn Ahlblad

Great information. Thank you!

Bryan McElrath · Answer

@Joe Scaparra

Joe,

Thank you for the reply and the valuable insight. I have updated my profile to add some information! I will definitely look into Zillow rents. One question - how do I identify rental trends?

Thanks!

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