Just sold one single family rental. Now I need to rent another SFH in Ellicott City MD. We are currently living to this house. Before I buy something else and rent this house I wanted figure out the strength of single family house rental market in Ellicott City, MD. It is one of the best school district in Maryland. I suspect rental market is strong. However, I wasn't sure how strong it is for single family house.
I looked into Zillow rent to see how many 5 bedroom small SFH house (2000 sq ft excluding finished basement) is on the market for rent in my zip code and how long they have been on the market. I found only one house which is on the market for rent for 38 days. Not sure what to make out of this. I couldn't find historical rental information (i.e how many similar SFH were rented for last 6 months or 1 year in my area and how long those were in the market)
I looked into rentometer.com to find out how many similar houses were rented in past 6 months to 1 year within 2 mile radius. There were only three. This gives an idea of how much rent should I ask. However, it doesn't tell me how long those houses were vacant or on the market for rent.
Any other ideas or thoughts to figure out the strength of local rental market?
I was planning to talk with local agent. But before doing that I thought I would reach out to BP. Thanks in advance for sharing your ideas/tips.
Why did you look only at 5 Br...those would seem to be a small amount of the rental pool...why not try 3br and 4br and see what happens? Most families will be wanting 3 or 4 br and if the house you are renting is 5br you could possible make an adjustment...
put an ad on craigslist to gauge response