How to tell how much you can rent a property for?

Question

I've been looking into buying and renting out multifamily homes, and was wondering how to gauge how much you'll be able to rent out a side of a duplex, per say.

Kyle J. · Answer

@Cole Warren  Here's a handy guide on the topic that may give you some more ideas: BiggerPockets Ultimate Guide to Fair Market Rents

Jeff McCaskey · Answer

@Cole Warren

I would venture to say that a good agent, one who has had any experience working with investors or who may know a given area well should also be able to tell you what a unit might rent for. Good ones will be able to, they will have a knowledge of various things market related. NOT saying they are experts in everything real estate related as far as advice is concerned, however they should know at what price to list a home and what rental rates are like (if they work at all with investors).

Also, depending on the person and or city you live in, title companies and appraisers will probably have some ideas too. Not all but some will. Depends on who they are and where you're at though like I said. Smaller towns you are more likely to find this I think because of the closer connections between everyone. Might be similar in larger cities too but then that depends on the person and if they have decided to be an expert in their field instead of just working a job.

Cole Warren · Answer

Awesome, thanks for the advice guys.

Polar Prutaseranee · Answer

https://www.rentometer.com

Andrew Meyer · Answer

You can check craigslist for rentals near where you are looking. Also property managers might be willing to help you on a general idea of the rent. You can call any 'for rent' signs and ask their renting price or you can check MLS for rental prices on houses for sale (Although sometimes you have to take these with a grain of salt).

Part of the issue is that it all depends on what you are renting. Does it have a garage? Off street parking? Close to bus or university? HVAC or wall units? Does it have a granite kitchen with SS appliances or a 30 y/o laminate countertop with dated appliances? Is the tenant paying all utilities or is landlord paying some?