How to determine market rent rate?

Question

Account Closed · Answer

@Aaron Francis

Check out Gosection8.com it's not only for section homes it just gives an idea of what surrounding units are going for based on address.

Patti Robertson · Answer

@Meghan McGill - Try this one. https://www.huduser.gov/portal...

Meghan McGill · Answer

@Patti Robertson I received a 404 error message when I clicked on Jay's link. I've been doing some digging today, but haven't found updated info yet. I live in SC. Thanks!

Patti Robertson · Answer

@Meghan McGill  @Jay DeCima posted that link above.

Meghan McGill · Answer

@Yvette M.

How do you get the Section 8 rates?

Aaron Francis · Answer

Account Closed, thanks! I'll check it out!

Rolanda Eldridge · Answer

Classifieds, Craigslist, Calling For Rent Signs in that market, talking to other investors in local market..just to name a few...

Jay DeCima · Answer

Arron

From a 40 year buy and hold investor from Norther Ca.  I had 200+ units at my my high point.

What I did and teach my students to do is:

1. Pretend you are look if that rental for yourself.  Craigslist.  You can even tell some folks you call that you are a newbie and trying to find the going rents in area.

2.  Most of mine and my students rental homes are simple, clean, affordable homes in older parts fo town (not slums).  We do well to rent to Section 8 tenants.  The following link to HUD will show you what HUD will pay for homes 0-5 bedrooms and in every county in the US.

https://www.huduser.gov/portal/datasets/fmr/fmrs/d...

Good luck.

Jay DeCima

Yvette M. · Answer

Not very analytical, but I use section 8 rates as a reference.  I look at the rate S8 pays in the zip codes of my rentals then I bump up my price a $100-$200.

Scott Schultz · Answer

I read the classifieds and search craigslist, know the quality of yours, vs, others, and know that most advertised rents are below market because owners are really picky about tenants.  I get input from my PM as well, they tend to get higher rents than owners will.

How to determine market rent rate?

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