How to Find Average Rental Prices in Philadelphia Neighborhoods

[Mike Girard]

Is there a standard method you REI sages use for finding out what a property is likely to rent for? Left on my own, I'm likely to calculate averages from Craigs List, but that doesn't seem very precise.

Any tips? 

[Lisa Ryan]

I'd get in contact with a property manager and say that you're looking at a few different neighborhoods and want to know what the average prices are. If they view you as a potential customer they should be willing to help. You could try an agent too but I'd be a little skeptical because I know there are a lot of really great agents, but there are also a lot that will tell you an inflated price to make it look like a better deal & make a sale. A property manager should be able to give you real numbers for properties they actually manage.

To price my house I looked at Craigslist and rentals on Zillow & Trulia, as well as talking to two property managers to see what they thought fair rent would be (one said $1,300, one said $1,700 and I'm actually renting for $1,500).