How do you find the actual rent data, ie how much a rental actually rented out for and not what it was listed for?
I'm pulling old comps, but the problems is that just because something gets listed and asks for a certain rent does not mean the landlord actually ended renting it out for that amount.
The landlordology blog made a interesting point when it wrote:
"When a real estate agent “pulls comps” to evaluate a home for sale, they use actual sales, not listings prices. Actual rent prices will inform you of what landlords in your neighbor are actually receiving in rent, not just what they hope to receive."
https://www.landlordology.com/...
Is there any way to find the actual rent data than to pay $20 to landlordology for their report?
And, if anybody has used it, how accurate is their report? How are they able to find the actual rent prices?
Rentometer can help on this with their reporting system. The actual rent price is going to be difficult if the landlord didn’t enter it in. You’ll have to use the data available. Compare history with actual units for rent. That should give you the market, use multiple sources. Zillow, trulia, hotpads, apartments.com, rentometer, mls, etc.
I would never make an offer on a property without the Income and Expense and copies of leases. I’m not sure what this seems increasingly difficult based on forums here in BP.
You’ll have to use the data available. Compare history with actual units for rent. That should give you the market, use multiple sources. Zillow, trulia, hotpads, apartments.com, rentometer, mls, etc.
How do you find the actual rent data, ie how much a rental actually rented out for and not what it was listed for?
I'm pulling old comps, but the problems is that just because something gets listed and asks for a certain rent does not mean the landlord actually ended renting it out for that amount.
The landlordology blog made a interesting point when it wrote:
"When a real estate agent “pulls comps” to evaluate a home for sale, they use actual sales, not listings prices. Actual rent prices will inform you of what landlords in your neighbor are actually receiving in rent, not just what they hope to receive."
https://www.landlordology.com/...
Is there any way to find the actual rent data than to pay $20 to landlordology for their report?
And, if anybody has used it, how accurate is their report? How are they able to find the actual rent prices?
Real Estate agents have a license and software that allows them to see what homes have rented for or are currently renting for in the immediate area. Zillow is surprisingly good at showing you a price history, but it's not accurate in terms of final price and the data isn't always available.
I have always wanted surrounding area comps , the more info th ebtter, but just haven't found a way other than real estate agents manually going through neighborhoods.
Rentometer again doesn't provide a history or what houses have gone for, just current listings and not always accurate. One house I saw rented for $300 lower than what was listed on it.
So for accuracy you just need to get real close to a realtor and bug them, or somehow get your own license and access to software.
No, they don't. This is not possible. There is no governing body who you report rent prices to. Most states have absolutely no requirements what so ever to be a landlord. The rental price is between you and the tenant, and that is normally kept private. If neither party reports it to a random website, they cannot possibly know what it is actually renting for. "Comps" simply are not available for rentals except in the form of "asking price". It makes no difference if you have a real estate license or not. Most realtors do not deal in rentals anyway. Prices on zillow or rentometer or anything else are 100% solely based on asking prices, not confirmed rented prices.
If you want actual data on a property you can request it from the owner, but, who knows how authentic it really is. Again, no way to prove he actually collected any rents written down on paper.
This question is no more possible to answer than "what is the meaning of life?".
Welp, unfortunately, I have realtors in TX , GA , even OK and they provide me with rental prices of an area with similar houses. It saves me having to do research on each and every similar house, whether it's renter or owner occupied, which can be 50-100 houses, in the same zip code. Consolidation of this unique info is a huge time saver. Who knows if they're accurate to the T, you only know if you talk to the owner (many of whom I know in certain areas), but it gives me a very good idea of where to put the rent and how far to negotiate based on my needs.
The realtor that helps me find the right tenant gets first months rent which is a very good deal at my price point. Every realtor I've ever dealt with, including those that claim to specialize in buying and selling, has been OK with this and doesn't just say NO to rentals.
And that, my friend, is the meaning of rental comp life. You're welcome.