I am looking to continue studying the rents in my area (right now Chandler, AZ) to make sure I am ready to jump on the next deal when I see it. However, I frequently run into a challenge where there seems to be a pretty big disparity between what a 2 bedroom apartment will go for versus a SFH versus even a duplex etc.
Is there an industry or area rule about how one type of property will rent per square foot compared to another? If not a standard, what are things to keep in mind that can help me gain the most accurate number when deciding on what a particular property would rent for?
Thanks in advanced!
I think you just need to analyze them separately. There are several resources you can use to check rental comps; rentometer.com (be sure to google the most comparable properties to find pictures online), craigslist (pay attention to how long the ad has been posted, it shouldn't take a month to get a property rented which means the listed rent is too high) and apartments.com also posts single family rent ads. The most reliable option would be to call a property management company and compare your findings to what they are actually experiencing and what amenities are bringing in the highest premiums for rent. For marketing, you should list your rentals on all these sites as well as let your other renters know that you have something becoming available if they know anyone in the market for a rental.
Price per sf just isn't a realistic metric. The same sf in an apartment may be worth more to someone who wants the amenities of a complex, but worth less to someone who wants a yard and other features of a detached SF home. As @Allyssa McCleery said, look at the listings in your immediate area. Compare the apartments v. detached homes. See how long listings are sitting on the market. I can also help you pull rental numbers from MLS if you'd like. (Usually the MLS isn't the first place people go to list rentals, but there is some rental data there.)
Hope this helps!