Looking for recommendations on websites/services for calculating market rent in a given area. I have used sites like zillow, realtor.com, and craigslist as a reference but prefer something that lists past rental listings as well.
I've considered rentometer but know its based on average/median rents so a lot of apartment complexes are included when I am more interested in SF homes and duplex rental rates.
Sorry-should specify that I would be looking for comps within a given geographic area instead of a comprehensive report provided by a service.
Try looking for similar properties for rent in your area and just call them and see how similar they are to yours. Base your number in between the average high and average low number
Hey Allen! Rentometer actually allows you to pick the type of property, then gives you an estimate based on similar properties in the area. So if you are only looking for comp prices for houses/duplexes, you can choose that as on option on their site. You could also take a look at similar properties on Zillow. Hope this helps!
@Katie Stewart is right. There is more and more information coming available to the general public. A great option also, is to call a local property manager and pick their brain on the rental rates. Right now isn't the best time, as many property managers are going bonkers right now with rental turnover, but if you catch them at the right time, they are typically, more than willing to spend 5 minutes of their time to offer help.
Rent in an area can be X, but in the sub region could be either 2X or 1/2X. Rent is hyper sensitive to locations within an area.
Hiring a PM if you are uncertain is crucial. We are closing on a duplex on Wednesday where the rent is $800/Unit/Side. Market rent is $1200/unit/side without even upgrading it. That is $800/month in lost income or $9,600 a year!! $9,600 at a 5% cap rate is $192,000 of lost value of your income property. A PM company may charge you 10% a month on this property, as an example. Even if rents were $2,400 gross, 10% is an expense item of $240/Month. I'd rather pay a PM and get an additional $560/Month net.
Is the paid version of Rentometer worth it?
This is what hud pays for section 8 housing in your area for "fair market rent".
Truilia will give you e-mail alerts every time a PM lists a rental for rent in your area so you can compare price and quality with your own properties.
many property manager companies will have a website listing their available rentals as well so you can compare