what are the best tools to determine market rents?

Question

just wondering what the experts out there are using. i don't have access to the MLS, and currently use rent-o-meter, and Zillow. What about you?

Kyle J. · Answer

@Bryan Cork  Which sources you check are somewhat dependent on the your specific market and even the type of property (some work better for apartments than houses and vice-versa).  The more sources you check the better though because there isn't one that's always the best.  Here's an article with a list of some of the more often used ones: How to Determine Fair Market Rent.  Hope it helps.

Patrick M. · Answer

Usually on at least a weekly basis I will do a search through Zillow. If I know I will have something on the market soon then I will run one through craigslist.

My market’s units are very different from one another. A lot of luxury mixed in with older multi families, so I do not trust the algorithms. Also we have a robust downtown so each block away from the Main Street will affect the price.

It is really one of my favorite activities- keeping my finger in the pulse of the market.

Johann Jells · Answer

That's what makes it hard here too, you can have a 120 year old 700 ft 2br in a rowhouse or a brand new 2000 ft in a tower. I find pricing very difficult these days, and it's being messed with by lots of new units hitting the rental market. A top realtor told me fees have shifted from tenants to landlords, something you never saw here before.

what are the best tools to determine market rents?

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