How to find rental rates with no similar properties

Question

I am in contract with a duplex that has been family owned/ lived in and never been rented. The neighborhood has been built up all around with very high end homes in Dublin Ohio. The only rentals I can find within 5 miles are high end condos and houses that offer association pool and gym. Those range from $1800-3200 per month. My thoughts are to do a high end remodel because the market will support it. Any thoughts on how to judge where to price rent?

Robert Ellis · Answer

Hi Zac,

I pulled rental comps in dublin schools and zip code 43017 (just guessing here) if you mentioned Jerome. The median lease price per square foot this year for the 45 rental comparables I could pull is $0.98 / sq ft. There are rental amounts in dublin everywhere from $900 to over $3000 per month for the brand new condos. A lot will depend on the neighborhood, etc. I can send you plenty of comparables for rental if you are interested, just PM me and I can get them to you. Not sure on your square footage, finishes, general area, but with some additional info I'm sure I can help you out. Before I sold real estate I used to do a lot of leasing and we've leased in every price point. Hope this helps!

Rob

Jeff B. · Answer

Start with configuration similarities; 2bed/1bth, 3/2 or whatever.

grade your property against similar configs and add,subtract for amenities;

• pool
• storage
• garage
• A/C
• laundry

if the deficits out number the benefits, then place your rents BELOW the common fmr for the same configuration.

Zac Schmelzer · Answer

Backs up to Tartan fields off Jerome Rd. It is a Plain City mailing address but Dublin schools and I believe the Dublin city limits are across the street.

How to find rental rates with no similar properties

5 Replies