Lender · Nationwide · Member since 2018 · 571 posts · 310 votes
Hi everyone,
I often use Rentometer.com when analyzing a property to estimate rents in single family homes. I imagine that the rental for a 2/1 single family is more than a 2/1 multifamily unit, but Rentometer doesn't take that into account. What is the most effective way to estimate rents for multifamily rentals?
Specialist · NY · Member since 2016 · 82 posts · 60 votes
8y
I would try to find rental comps in your area (Zillow,MLS,apartments.com,etc..) that specify if the apartment is in a home, garden apartment or is a single-family home. Rentometer is a broad picture that will just take what the average rent is in your area for a 2/1 apartment.
Specialist · NY · Member since 2016 · 82 posts · 60 votes
8y
I would try to find rental comps in your area (Zillow,MLS,apartments.com,etc..) that specify if the apartment is in a home, garden apartment or is a single-family home. Rentometer is a broad picture that will just take what the average rent is in your area for a 2/1 apartment.
I determine my comps by following the market on at least a weekly basis on Zillow (and others). There are a host of different level apartments in my area from highrise to old multi-family victorian homes. If you know your town/city and actively analyze the competition, then you are in a far better position to know what the market rate is, in my opinion. I favorite any apartment offered and then any time they go back on the market, I am alerted.
You are your best "price setter" and it is a load of fun too.